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
Will The Banks Leads Us Out Of The Economic Downturn?
There are many in the UK who blame the reckless tactics and strategies of the UK banking sector for the ongoing economic downturn. Traditionally the banks might be expected to bring us out of the slowdown but it seems as though the government and the regulators have different ideas.
While there is no point introducing stricter guidelines with the economy struggling at low levels, i...
Right Wing Think Tanks Slams Northern Cities
A right wing think tank has slaughtered the cities of northern England even going as far as to suggest that those from the area should move to the south east of England to further their careers and improve their employment prospects. Can this be true? Or is this yet another example of the north south divide?
To suggest that literally millions of people should pack their bags and he...
Has the UK economy been structurally damaged?
As the full extent of the UK economic downturn and the damage this has had upon UK public sector finances becomes more evident there are concerns that the structural damage to the UK economy could last well into the future. We has seen a massive change in the make-up of the financial sector and the excessive risk averse nature of current bank policies is impacting massively upon the small, medium...
Read MoreFSA stress tests consider worst-case scenario
While the Financial Services Authority (FSA) has refused to reveal the results of various stress tests on the U.K.'s financial sector and financial companies, the FSA has revealed details of its criteria. It is worth while stressing that this is a worst-case scenario, and one which is unlikely to happen, however the FSA used a figure of 12% unemployment, no growth in the economy until 2011, a 50%...
Read MoreRetail spending increased in July
Despite the fact that there is doom and gloom surrounding the UK economy and more recently we saw downbeat comments from a number of leading retailers, retail spending actually increased by 1.1% in July. While there is no doubt that the World Cup and warmer weather did have an impact upon consumer spending in July, if we look below the line the situation is maybe not as upbeat as it could be? E...
Read More