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.