Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Autumn Statement: What to expect

Chancellor George Osborne is expected to announce further spending cuts in a bid to aid the UK’s economy in today’s Autumn Statement - and there is radio silence over what, if anything, he will do to boost the high street.

The statement, which will be announced at 12.30pm today, is expected to include £5bn of spending cuts and 13,000 civil service jobs axed as a result.

But there has been little speculation on what retailers might be able to expect, suggesting business rate relief may still be unlikely.

Most government departments will be expected to cut 1% from their running costs in 2013-14 and save 2% the following year, saving £3.4bn on top of existing cuts, according to The Independent.

The Guardian reports that Osborne is planning to raise revenue by cutting pension tax relief for the wealthy.

The plan is to further reduce the tax-exempt amount people can pay into their pension pots by up to a third in the hope of raising nearly £2bn.

The chancellor is also said to be planning a crackdown on tax avoidance and implementing certain welfare cuts.

At the same time as the chancellor’s speech, the Office for Budget Responsibility will publish its latest estimates of the country’s economic prospects, says the Telegraph.

It is likely to cut its growth forecasts for the year from 0.8%, which it published in March, to zero, or worse.

Readers' comments (1)

  • Osborne can do very little with limited funds and a coalition that won't let him do what he would really like. Expect very little.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.