Chancellor George Osborne delivered his Autumn Statement on Wednesday. Read our summary of the key announcements.
- GDP will shrink by 0.1% in the current year, down from March's prediction of 0.8%.
- The economy is expected to grow by 1.2% next year, 2% in 2014 and 2.3% in 2015.
- The economy has done better than expected in job creation, with unemployment expected to peak at 8%.
- Net debt will not fall as a percentage of GDP by 2015/16, with the Chancellor extending the target by a year.
- The deficit is expected to fall from 7.9% to 6.9% of GDP this year.
- Borrowing is unexpectedly predicted to fall this year to £108 billion.
- The 3p rise in fuel duty planned for January will be cancelled, rather than postponed as expected.
- Annual infrastructure investment is now £33 billion.
- An extra £1 billion will be spent to expand and build 100 new free schools and academies has been laid aside.
- £1 billion will be spent on roads, including upgrading the M25.
- There will be plans laid out to extend HS2 to the North East.
- 120,000 new homes will be built and there will be greater investment into flood defences.
- £600 million will be invested in scientific research.
- Ultra-fast broadband will be expanded to 12 cities.
- The main rate of corporation tax will be cut by a further 1% to 21%.
- The bank levy rate will be increased to 0.13%
- The basic income tax threshold will rise by a further £235 on top of the planned increase to £9,440.
- The threshold for 40% rate of income tax to rise by 1% in 2014 and 2015, from £41,450 to £41,865 and then £42,285.
- The government will consult on tax cuts for shale gas exploration.
- Small business rate relief extended by one year to April 2014.
- There will be no new tax on property.
- £5 billion will be retrieved over the next six years from undisclosed bank accounts.
- The government will spend £77 million more to ensure taxes are paid.
- Planned changes to benefits will save £3.7 billion in 2015/16.
- Most benefits, including Jobseeker's Allowance, will be increased by 1% for the next three years.
- Child benefit, currently frozen, will also rise by 1%
- The basic state pension will rise by 2.5%, in line with inflation.
- The lifetime pension tax relief for allowance will be reduced from £1.5 million to £1.25 million
- The annual allowance will be reduced from £50,000 to £40,000.
- The promise to spend 0.7% of GDP on overseas aid will be met, but not exceeded.
- Departmental resource budgets will be cut by 1% this year and 2% next year.