Autumn Statement 2015 - as it happened


In the Chancellor’s own words

 
  • “Putting economic and national security first.”
  • “We deliver security so we can spread opportunity.”
  • “Education is the door to opportunity.”
  • “Our goal is to help every secondary school become an academy.”
  • “The police protect us and we are going to protect the police.”
Tax measures
 
  • Penalties where transactions caught by GAAR (the General Anti-Abuse Rule).
  • Increased civil penalties for offshore tax evasion.
  • Changes to intangible fixed asset rules.
  • From 2019 capital gains tax on residential property due within 30 days of disposal.
  • Corporation tax of 12.5% in Northern Ireland.
  • Legislation for devolution of income tax to Wales without a referendum.
  • 3% surcharge on stamp duty land tax for second homes and buy-to-lets from April 2016.
  • VAT on sanitary products to be used for women’s charities.
The economy
 
  • No G7 economy growing faster than the UK.
  • GDP forecast to grow by 2.4% this year, 2.4% in 2016, 2.5% in 2017, 2.4% in 2018 and 2.3% in 2019 and 2020.
  • The Office for Budget Responsibility predicts more than 1 million new jobs in the next five years.
  • Borrowing forecast to fall every year, reaching a surplus in 2019/20.
Welfare expenditure
 
  • The proposed £12bn of welfare savings will be delivered in full.
  • Tax credit proposals in the July Budget reversed – the taper rate and threshold to remain unchanged.
  • Restrictions on housing benefit.
  • Councils can charge social care supplement on council tax.
  • Basic state pension will be £119.30 next year.
  • Starting rate for single-tier state pension will be £155.65.
  • Increased support for childcare and nurseries.
  • Free infant school meals maintained.
Infrastructure and public spending
 
  • Less expenditure on welfare, more on infrastructure.
  • Transport capital expenditure up by 50% to £61bn.
  • Doubling of expenditure on energy research.
  • Increased support for science.
  • Increased funds for Arts Council, museums and Sports Council.
  • Increased funding for the BBC World Service.
  • Additional £165m for Innovate UK to provide funding for innovative businesses.
NHS spending
 
  • NHS budget to rise 20% over next 5 years.
  • Efficiency savings to be made.
  • 10,000 new training places for health service professionals in this parliament.
  • Additional funding for mental health services.
Local authority finance
 
  • Small business rate relief scheme extended for a further year.
  • Uniform business rate abolished; councils will keep all of rates.
  • Councils can spend all of funds from selling assets.
  • 26 new enterprise zones to be introduced.
Education
 
  • A new national funding formula for schools.
  • £23bn investment in school buildings.
  • Part-time students and post-graduate students to be eligible for maintenance loans.
  • Sixth form colleges to be allowed to become academies, to benefit from VAT savings.
  • Increased expenditure on apprenticeships.
  • Apprenticeship levy at 0.5% of payroll to be financed by the largest 2% of companies.
Housing
 
  • Old prisons to be sold to create housing space in cities.
  • New schemes to encourage home ownership.
  • Housing budget doubled to £2bn a year.
  • Reforms to town planning rules to encourage housing.
  • Interest-free loans for housing in London.
  • London’s teachers and nurses will benefit from London’s help-to-buy scheme.
Other
 
  • LIBOR fines continue to fund military charities and museums.
  • Increased security expenditure as already announced.
  • Budget of Foreign Office protected in real terms.
  • No cuts in police budgets at all.