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Thread: Autumn Statement - No Growth for 2012 and Welfare increase!

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    Default Autumn Statement - No Growth for 2012 and Welfare increase!

    Over in the UK they have revised their growth figures for 2012 to negative.

    In this afternoons Autumn statement the British Government announced that the defecit had been cut by 25% however growth would be revisded down for 2012 and 2013.

    Amazingly Chancellor George Osborne announced huge spends in capital projects and welfare increases by 1%.

    Most working age benefits, including Jobseeker's Allowance, will rise by 1% in each of the next three years. Changes to welfare "save 3.7bn by 2015/16. Child benefit to rise by 1% for two years from April 2014.


    :: We will collect 7bn more in tax than the last Government to tackle "evasion" and loopholes. More resources (77m) to ensure multinational firms "pay their fair share" and avoidance is reduced.:: ISA limit raised to 11,520 and basic state pension to rise 2.5% from April.

    Public sector workers to see average 1% rise in earnings.:: National pay arrangement in NHS and prison service to continue, and no changes to civil service arrangements, but greater freedom for schools to set pay in line with performance.:

    :
    "Need to ask more of the better off:

    "No new homes tax.

    From 2014/15 the pension lifetime pot relief will fall from 1.5m to 1.25m; annual allowance down from 50,000 to 40,000. This affects top 2% of pension pots.:

    :
    Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015 from 41,450 to 41,865 and then 42,285.:

    :
    Corporation Tax rate cut by further 1% from April 2014.:

    :
    Capital Gains Tax annual exempt amount to increase by 1% over the same period, reaching 11,100 and Inheritance Tax nil-band rate to rise from 325,000 now to 329,000 in 2015/16.:

    :
    1bn more for road improvements - upgrading A1, A30, and M25. Funding guarantee for extension to Northern Line tube.:: 600m more on scientific research infrastructure.:: 1bn to expand good schools and build more.
    Autumn Statement: The Key Points At A Glance

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    Office for Budget Responsibility now forecasts GDP growth -0.1% in 2012, blaming Eurozone crisis. Sees growth of 1.2% in 2013, 2% in 2014 and 2.3% in 2015. OBR expects jobless rate to peak at 8.3% (currently 7.9%).
    Autumn Statement: The Key Points At A Glance

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