- OBR figures predict growth of 0.9% this year, 0.7% in 2012, 2.1% in 2013, 2.7% in 2014, 3% in 2015 and 3% in 2016
- UK borrowing forecasts have risen by £112bn.
- The Stamp Duty holiday for first-time buyers has been scrapped
- A new loan scheme will be aimed at businesses with a turnover of less than £50m. It will provide credit lending facilities for small businesses, which he expects will cut their borrowing costs by 1%.
- The bank tax levy will rise to 0.088% from January 1st 2012 (up from 0.075%). The Government will not agree to an EU transaction tax.
- A new enterprise investment scheme (EIS) will give investors 50% tax relief for investing in business start-ups.
- Osborne called on public sector unions to call off tomorrow’s planned strike. The public sector pay freeze will be extended by 2 years to 1% per year each year.
- The state pension age (SPA) will reach 67 by 2026. It will already rise to 66 by 2020 instead of 2026 under previous plans.
- Disability and working age benefits will rise by 5.2% next year.
- The annual exemption amount for capital gains tax has been frozen.
- IFAonline’s top ten tweets from the Autumn Statement.