Osborne: Growth figures 'significantly up'

George Osborne has delivering his latest assessment of the state of the economy in the Autumn Statement, announcing that growth forecasts for the upcoming years are "significantly up".

Live updates

Advertisement

Autumn Statement headline announcements

  • Growth forecasts are "significantly up" in the largest improvement at any Budget or Autumn Statement for 14 years, with UK growing faster than any other major economy.
  • The state pension will rise by £2.95 a week from next April. People now in their 40s will receive a state pension at 68. Those in their 30s will be 69.
  • Financial resources will be provided to fund expansion of free school meals to all school children in reception, year one and year two.
  • The fuel duty rise for next year has been cancelled.
  • Plans to increase train fares by 1% above inflation has been cancelled.

Statement a 'sobering reminder' about deficit

The Chancellor's Autumn Statement won the support from the Federation of Small Businesses.

Today's Autumn Statement represents steady progress, with a range of announcements that address members' concerns in the cost of doing business, with action on business rates and confirmation that next year's fuel duty rise will be cancelled.

The statement is a sobering reminder about the scale of the deficit the country faces and the tough choices which need to be made.

We therefore welcome the use of what spare resources the Chancellor could find to focus tax cuts on encouraging firms to take on younger workers, which must be an overriding priority.

– John Allan, chairman of the Federation of Small Businesses

Advertisement

Load more updates Back to top

Latest ITV News reports