Key points from the Autumn statement
- Working-age benefits: will only rise by 1 per cent in each of the next three years rather than by inflation
- Corporation tax cut: Extra percentage point cut: down to 21 per cent in 2014 compared to 28 per cent when George Osborne took office
- Income tax threshold: will rise by £235 more than planned, to £9,440 in April 2013, saving basic-rate taxpayers an extra £47 next year
- Fuel duty: the 3p per litre rise planned for January 2013 has been scrapped
- Tax-free allowance: Reduction in tax-free allowance on pension contributions: from £50,000 a year to £40,000 and £1.5 million lifetime pot to £1.25 million.
- Whitehall cuts: Extra cuts in Whitehall budgets to pay for £5 billion more in capital spending
1810: That’s it folks, we’re closing up this live blog. We hope you have enjoyed our coverage of 2012’s mini-budget. Come back to Coffee House as reaction continues to trickle through over the next few days.
1805: Steve Baker MP writes that the government needs to be carefulwith its relationship with the bond markets:
‘Worse still, if the Bank loses control of inflation, bursting the bond market bubble, the game will be up.
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