Today the Chancellor made his “autumn” statement to Parliament which is making some big headlines. Here are the main points you need to be aware of:
The biggest headline of the statement is that George Osborne has cancelled his planned 3p-a-litre increase in fuel duty which was due to take place in January.
It is predicted the economy will shrink -0.1% in 2012 which is a dramatic drop compared to the 1% increase which was predicted in his original budget.
Unemployment is expected to peak at 8.3% this year but it should reduce each year.
An extra £1bn will be invested into the Business Bank.
Main rate of corporation tax will be cut by an extra 1% to 21% in April in 2014.
Transport and Infrastructure
An extra £1bn is to be spend on upgrading the road network including the A1, A30 and M25 as well as a £1bn load to extent the London to Battersea Northern Line.
There will be an expansion of the Ultra-fast broadband roll out plans and the annual infrastructure investment will now be £33n.
Pensions and Benefits
The Chancellor announced that there would be a rise to both the state pension and the child benefit. The basic state pension rate was to rise by 2.5% next year to £110.15 a week and the child benefit will be increased by 1% for another two years.
Overall there are some positive headlines to come out of the statement however the economy is worse than was expected. For a full run down of the budget, check out the Guardian’s live feed.
What did you think of the budget? Did you expect more? Let me know your thoughts…