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What will happen in the Autumn Statement?


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.

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