The Chancellor of the Exchequer, George Osborne gave his annual Autumn Statement to Parliament today. The Statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.
I’ve looked at the government’s taxation and spending plans and selected my highlights below:
“Today’s Autumn Statement focused on the future; maintaining economic recovery, in turn reducing the deficit and addressing the balance of power between the North and South of the country. Hitachi Capital Vehicle Solutions is pleased to hear an Autumn Statement that shows support for SMEs and to the infrastructure required for the country to prosper for generations to come.
“The investment into Britain’s transport infrastructure will be welcomed by the UK today and in years to come. If the Government is to succeed in building a ‘Northern powerhouse’ and balancing power, they rightly need to invest in a network that supports this and continued growth. Road and rail are fundamental elements for the mobilisation of business and form key parts of the attraction for investment in the UK from overseas.
“The freeze in fuel duty offers needed reassurance to the public and companies alike. The recent fall in oil prices has brought the fuel escalator and stabiliser models back into focus. Although abolishment was at one point expected this morning, freezing fuel duty is good news for the economy and in conjunction with the infrastructure investment enables workforce mobilisation and supports reduced unemployment. Decisions that prove the Government is looking over the long term.”