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Autumn Statement: Key Points

6th December 2013

Chancellor, George Osborne announced the Autumn Statement yesterday and the growth in the UK’s economy this year has been surprisingly positive, however there were still some alarming announcements.

George announced that the general age for retiring will increase over the next ten to thirty years as people will have to wait longer until they are given their state pension. This means that the age for retirement will have increased to 66 by 2020, 67 by 2028 and 68 between 2044 and 2046. The state pension is also expected to rise by 2.7% in April 2014, this means it will increase by £2.95 per week.

The government are bringing in plans for free school meals for small children and George stated that energy bills will not be as high as had been predicted due to Labour striking a ‘smoke and mirrors deal with the energy companies.’

Regarding the housing market, George stated that people living overseas will have to pay Capital Gains Tax for future homes bought in the UK starting in 2015. CGT is being introduced in order to make it fair for new buyers coming up against foreign investors.

The announcement brought some good news to small businesses in that ‘rate relief for small businesses will be extended until 2015...Employers will also get a break from National Insurance contributions when employing young workers.’

Some of our speakers took to twitter to express their views on the Autumn Statement. Robert Peston tweeted saying ‘Autumn statement book published by Treasury implies free school meals only last two years, unless I am missing something’, comedian and social media expert David Schneider used twitter to express his views, he tweeted ‘Osborne confirms 2018 target for complete removal of empathy for poor and disabled’. The former Apprentice winner and businessman Tim Campbell appeared on BBC News to speak about the Autumn Statement and he also spoke about the importance of nurturing talent in the UK.

Ken Clarke spoke out before the autumn statement was announced and said that George Osborne would need to ‘reassure’ the public and his message would need to be encouraging. Ken Clarke appeared on ITV’s ‘The Agenda’ with Stephanie Flanders to discuss the statement.

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