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Autumn Statement 2014: Key Points

April 2015

The Chancellor delivered his autumn statement to a lively house of commons today, 3rd December.  Far from acknowledging that the economy had gone off track, the Chancellor asserted that whilst the reduction of the deficit was marginally less than forecast for this and next year, in subsequent years it would return to a surplus slightly larger than predicted in 2018/2019.  Inflation will be 1.5% for this year, falling to 1.2% next year and 1.7% the year after.

Growth will rise to 3% for the current year 2014, 2.4% in 2015 and 2.2% in 2016.  Unemployment is expected to fall from 6.2% in 2014 to 5.4% at the end of the forecasted period, 2018.

There were spending packages announced including:

Taxation changes announced including:

  0 to £125,000   Nil
  £125,001 to £250,000   2% on excess over £125,000
  Plus 5% on excess over £250,000 up to £925,000
  Plus 10% on excess over £925,000 up to £1.5 million
  Plus 12% on excess over £1.5 million

Changes effective from midnight on 3rd December 2014

These are some of the more relevant points from the Chancellor’s statement. We are happy to discuss with you the implications of the various measures as they may affect you.  However, no action should be taken on the basis of the information contained herein without further advice. Click here to read the full Autumn Statement.

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