Autumn Statement Live: Osborne U-Turns on Tax Credits

  • £10.1 billion surplus by 2020
  • £12 billion of welfare savings
  • GDP forecasts: 2015 – 2.4%, 2016 – 2.4%, 2017 – 2.5%, 2018 – 2.4%, 2019 – 2.3%
  • OBR forecasts a £27 billion improvement in UK finances over this parliament
  • MASSIVE U-TURN: Tax credit cuts scrapped entirely: “the simplest thing to do is not to phase these changes in, but to avoid them altogether”
  • Government is spending £756 billion this year, rising to £857 billion in 2020/21
  • Borrowing forecasts: 2015/16 – £73.5 billion, 2016/17 – £49.9 billion, 2017/18 – £24.8 billion, 2018/19 – £4.6 billion, 2019/20 – £10.1 billion surplus
  • NHS budget to rise by 20% by 2020: £101 billion this year, £120 billion by 2020
  • Basic state pension up to £119.35 a week
  • Department of Health to cut 25% from its Whitehall budget
  • Department for Energy and Climate Change budget cut by 22%
  • Department for Transport budget cut by 37%
  • Cabinet Office budget cut by 26%
  • Treasury budget by 24%
  • Business, Innovation and Skills cut by 17%
  • Defra cut by 15%
  • 20% DCMS admin cut, 5% cut real terms core budget cut
  • Proceeds of tampon tax to go to women’s charities
  • Holloway women’s prison to close

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  • Doubling of housing budget: 400,000 new affordable homes by 2020
  • Introduction of ‘London Help To Buy’, with a 5% deposit and zero interest rates
  • Extra 3% stamp duty on buy to letters
  • Defence budget rising from £24 billion to £40 billion
  • No cuts in police budget at all

Good luck John McDonnell…


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