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Word cloud of Twitter reaction to Autumn Statement

The bigger the word, the more the phrases were mentioned on Twitter Credit: Deloitte UK

A word cloud showing how Twitter reacted to the measures announced in the Chancellor's Autumn Statement has been published by the business advisory service Deloitte UK.

The firm used a social media monitoring tool to trawl tweets using a number of economic and finance-related phrases.

It appears that the issues of tax, business and rates were the most tweeted terms.

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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

Read: Fuel duty rise for next year cancelled, Osborne says

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Teen 'not very pleased' with retirement age changes

The Government has said that future changes in the pension age will be based on the principle that workers should expect to spend about one-third of their adult lives, on average, in retirement.

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Filming with 19 year old Jordan who's been working since he was 15 - unsurprisingly he s not v pleased he won't get a pension for 51 years

Political editor: Balls won't look back on today with affection

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This is an important moment for Ed Balls. A very tricky day, but he needs to land a few punches.

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I don't think this is a day Ed B is going to look back on with affection.

Workers should expect to spend 1/3 life in retirement

People now in their forties will have to wait until 68 to receive the state pension after it was revealed that the date of the planned increase in the retirement age is likely to be brought forward from 2046 to the mid-2030s.

George Osborne has announced that those in their 40s will have to wait until 68 for a state pension. Credit: Press Association

And a further rise in the state pension age to 69 is expected to take place by the late 2040s, hitting people now in their early thirties, the Government has said.

The delayed retirement dates will help save around £400 billion from the national bill for pensions, on top of the more than £100 billion already banked from planned rises to 66 by 2020 and 67 by 2028, which are unchanged.

The Government said that future changes in the pension age will be based on the principle that workers should expect to spend about one-third of their adult lives, on average, in retirement.

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