Advertisement

  1. ITV Report

What the Autumn Statement means for you

Chancellor of the Exchequer George Osborne delivers his Autumn Statement to MPs in the House of Commons. Photo: PA

Benefits:

  • Most working age benefits - including Jobseeker's Allowance, Employment and Support Allowance and Income Support - will rise by 1% for the next three years.

Pensions:

  • The basic state pension will rise by 2.5% next year to £110.15 a week.
  • The tax-free allowance for pensions will be cut from 2014/15 from £1.5 million to £1.25 million over a lifetime.
  • Annual allowance is to be cut from £50,000 to £40,000.

Fuel:

  • The planned 3p-a-litre fuel duty rise, which was set for January, has been scrapped.

Children:

  • £1 billion will be invested in schools, £600 million in science and £270 million in further education colleges.
  • Child benefit will rise by 1% for two years from April 2014.
  • The amount you can put in your child's Isa will rise to £3,720 from £3,600 from April 2013.

Savers:

  • The Chancellor announced next year's tax-free Isa limit will be increased from £11,280 to £11,520.

Houses:

  • George Osborne ruled out mansion tax, saying it was "expensive".
  • Owners of less expensive homes will, until March 2015, be able to claim support for mortgage interest if they are claiming income support.
  • There were no changes to stamp duty land tax or the Funding for Lending scheme.

Travel:

  • £1 billion will be spent on roads with the A1, A30 and M25 set for an upgrade.
  • The High Speed 2 rail link is to be extended to the North West and to West Yorkshire.
  • The government will cap rail fare hikes to 1% above inflation instead of the current 3%.
  • The Northern Line of the London Underground will be extended to Battersea.

More on this story