Autumn Statement 2012

Autumn Statement 2012

by Great Britain: H.M. Treasury

Publication Date: 05/12/2012

The OBR's forecast for GDP growth in 2012 is -0.1 percent and is projected to pick up in every year of the forecast. Public Sector Net Borrowing is forecast to fall by 1.0 percent of GDP in 2012-13 and in subsequent years of the forecast. Public Sector Net Debt is expected to be 79.9 per cent of GDP in 2015-16 before falling to 77.3 per cent by 2017-18. This Statement sets out a further #65533;6.6 billion package of savings in the spending review period, made up from welfare, Official Development Assistance (ODA) and departmental current spending. A #65533;5.5 billion of additional infrastructure will be funded, including in new roads, science and free schools and academies. There will be a further 1 per cent cut in the main rate of corporation tax from April 2014, to 21 per cent and a significant temporary increase in the Annual Investment Allowance from #65533;25,000 to #65533;250, 000 for two years. A greater proportion of growth-related spending will be devolved to local areas and a Business Bank will be created to deploy #65533;1 billion of additional capital and enable UK Export Finance to provide up to #65533;1.5 billion in loans with a package of reforms to promote export. The Government will: increase the basic State Pension by 2.5 percent; create an HM Revenue & Customs unit dedicated to tackling offshore tax evasion; introduce of the UK's first General Anti-abuse Rule; develop significant new information disclosure and penalty powers; and close off tax loopholes. Lifetime allowances for pension contributions will be reduced.
Publication Date:
Cm Ser.
Stationery Office, The
Country of origin:
United Kingdom

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