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Autumn Statement 2014

Houses of Parliament

7:22am 3rd December 2014

£300million for the A47, and more cash for the King's Lynn Drainage Board to help protect against floods... We've already found out the headlines but today we'll hear the Chancellor's Autumn Statement in full.

It's like a mini-budget and since we've got an election in May, it's bound to be packed full of good news that will go down well with voters.

Around a billion pounds of investment for small and medium sized businesses, relief on petrol prices and changes to business rates to help the High Street are just some of the expected measures to be announced.

Plans to make stamp duty more progressive, easing the bill for people buying at the bottom end of the market but with possible heavier charges on more expensive homes, could also be unveiled by George Osborne later in what has been described as the "Government's last big economic event".

The Chancellor will say: "Our long-term economic plan is working. I say: we stay the course. We stay the course to prosperity.

"We support people who want to work hard and get on. And it is for their sakes that we resolve to stay on course to prosperity."

The Treasury and the Bank of England have agreed to extend the Funding For Lending (FLS) scheme by another year to January 2016 - underwriting loans specifically for smaller firms.

George Osborne is also allocating an extra £400m to expand the state-owned British Business Bank's venture capital programme.

And it will be handed funding to guarantee up to £500m of new lending in 2015-16.

The Chancellor is also expected to scrap the Fair Fuel Stabiliser, which would have seen petrol prices increase by 1p next March.

Air Passenger Duty on children's flights is also due to be abolished, which could reduce the cost of long haul flights by hundreds of pounds for families.

And there could be help for the High Street, with a review of business rates and how it is calculated due to be completed by early 2016. Rising rates have in part been blamed for hitting traditional town centre shops.

The Chancellor is expected to have to acknowledge that net borrowing will miss targets and reach about £90bn – greater than the £86.5bn predicted in March during the budget.

Lower tax revenues as a result of an increase in low paid jobs and continued high social security bills will only increase pressure on future budgets, meaning possible further cuts or tax increases.

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