What will happen in the Autumn Statement?
01/12/2014
In April, we heard the budget announcements and Chancellor George Osborne told us how he was going to spend the countries money over the next 12 months.
Changes to pensions, tax and business spending were announced and people in the finance industry prepared themselves for a busy year ahead.
On 3rd December the Chancellor will announce his Autumn Statement. This will provide an update on the governments plans for the economy based on the latest forecasts from the Office of Budget Responsibility. Experts have predicted that this years will be a big one, as it is the last Autumn Statement before the upcoming general election, and there will be plenty of attempted vote winning details announced.
What to look out for
- There may be an extra £2 billion a year allocated to the NHS, which is sure to be a vote pleaser.
- The Government is expected to introduce the power to collect tax directly from tax payers banks accounts without the need to get authority through the court system. This will be set out in the 2015 Finance Bill.
- Pensions will be a contentious subject, as the 2014 budget announced some major changes. Keep an eye out for announcements about drawdowns and new rules for what happens to pension pots on death.
- Some business leaders believe foreign exchange rates and investments into corporate training and development needs to be addressed in the autumn statement, but that remains to be seen.
Make sure you keep up to date with all the announcements in the Autumn Statement by following us on Twitter @financialuk , where we will be live tweeting the details. After the announcements, visit our website for an easy to read explanation and recap of the Statement.
Share this..
Related stories
Could the World Cup give UK consumers a boost?
As we approach the South Africa 2010 World Cup there is hope that a good showing from the England team will give UK consumers, UK businesses and the UK economy a welcome boost. Historically we have seen boom time's in economies in World Cup years and there are hopes we will see a repeat this year as the UK economy desperately needs some inspiration. Pubs and clubs around the UK are already lick...
Read MoreAre the unions wrecking Royal Mail?
Confirmation that there will be strike action by Royal Mail workers between now and Christmas has put the spotlight back on Royal Mail management and the unions. The company is already reeling from suggestions that Amazon is set to walk away from one contract worth £25 million year but today sees news that Argos and eBay may also be reviewing their position. Slowly but surely Royal Mail is losing...
Read MoreDow rises as markets digest rescue plan's rejection
Stock markets staged a small recovery today, following the unprecedented events of last night.New York's Dow Jones fell a total of 777 points - its biggest one-day drop ever - on news that US lawmakers had voted against the government's rescue plan for the financial services sector.Investor's lack of confidence in the banking system, which was putting severe strain on credit markets, had led to th...
Read MoreBank of England set to widen quantitative easing program
The quantitative easing program currently being administered by the Bank of England could well be widened over the next few days as the authorities look to inject more capital into the commercial market. Despite the fact that £80 billion of a fund of £125 billion has already been spent acquiring assets and increasing liquidity in the market place, there has been little positive impact to date. S...
Read More