George Osborne will deliver his Autumn Statement and the results of the 2015 Spending Review from 12:30pm in the House of Commons today. Below are the Chancellor's key announcements.
- Tax credit cuts scrapped: The Chancellor announced the proposed cuts will be scrapped thanks to an 'improvement in the public finances'. He said: 'The simplest thing to do is not to phase these changes in, but to avoid them altogether. Tax credits are being phased out anyway as we introduce Universal Credit. What that means is that the tax credit taper rate and thresholds remain unchanged'.
- No cuts to police budgets: 'Now is the time to back our police and give them the tools do the job', Osborne said. There will be real terms protection for police funding.
- 2.4 per cent growth this year: Osborne said: 'Even with the weaker global picture, our economy this year is predicted to grow by 2.4 per cent, growth is then revised up from the Budget forecast in the next two years, to 2.4
- No cuts to police budgets: 'Now is the time to back our police and give them the tools do the job', Osborne said. There will be real terms protection for police funding.
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