Everything revealed in the Autumn Statement

New cringeworthy slogans

"Responsible recovery" and "fixing the roof while the sun is shining" have become popular with chancellor George Osborne's speechwriters. "Hardworking families" also got a mention.

OBR growth estimates are up

2013: 1.4 per cent, up from 0.6 per cent in March
2014: 2.4 per cent, up from 1.8 per cent in March
2015: 2.2 per cent, down from 2.3 per cent in March
2016: 2.6 per cent, down from 2.7 per cent in March
2017: 2.7 per cent, down from 2.8 per cent in March
2018: 2.7 per cent

Deficit reduction isn't as fast as expected

Osborne says there won't be a fiscal deficit in 2018/19, missing his original target by three years.

If we give up on the plan now, we’d be saddled with a deficit that is still among the highest in Europe.

Borrowing this year will be £9bn lower than last, at £111bn. Analysts had forecast that the chancellor would announce that this figure had fallen to £105bn - so there's less wiggle room for tax breaks

Osborne recognises that tax cuts work

The chancellor pointed to new dynamic modelling that shows that corporation tax reductions help the economy.

But tax complexity is up

Overseas investors who sell second homes in the UK from April 2015 will be hit by capital gains tax on those transactions.

The Treasury thinks it will raise £9bn over five years from new anti-tax avoidance measures.

The bank levy will increase by 0.156 per cent from 2014.

There are some token spending cuts

The military special reserve will be cut by £900m.

Welfare budget cap introduced

More spending is going under fixed controls, welfare (excluding pensions and some cylical benefits for job seekers) will be capped. The cap will be set at the start of each parliament.

18 to 21 year olds will have to be in training or work, or face losing benefits.

Pensions will be rising by £2.95 a week from next April.


Osborne unveiled £1bn of loans to fund housing projects.

Working people who live in social housing will be given priority to move, if it is expected to help them get a job.

Aldemore and Virgin are expected to join the Help to Buy scheme by the end of the month.


George Osborne announced that some free school meals will be provided. Capital Economics say that this policy will likely cost £0.8bn.

In the higher education sector, the cap on student numbers is to be abolished in 2015, with 30,000 places available next year. New loans will be paid for by selling off the old loan book.

Apprenticeships are to be reformed, with employers funded directly through HMRC. 20,000 extra positions should become available.

Social engineering

Tax free childcare vouchers and a transferable tax allowance for married couples are on their way in.

Export subsidies

Export finance capacity to be doubled to £50bn.


Rail fares will be kept flat in real terms.

Finally, some good tax cuts

Employer national insurance contributions for under-21s are being scrapped - should help youth unemployment.

Rate relief for small businesses will be extended for an additional year. Rate rises will be capped at two per cent from April. Osborne didn't extend relief to big businesses however - which employ far more people.

There will be a new tax allowance for investment in shale gas.

ETF stamp duty is to be abolished.

Council tax and fuel duty are being frozen.