Autumn Statement: 11 Things Buried In The Small Print
Page 1 of 1
Autumn Statement: 11 Things Buried In The Small Print
Buried in the small print of today’s announcements - the Chancellor’s Autumn Statement and a forecast from the Office of Budget Responsibility - were several bits of bad news.
In the Autumn Statement today Philip Hammond made much of his promise of 40,000 extra affordable homes, saying it would meet the “challenge of delivering housing where it is desperately needed”.
But the Office of Budget Responsibility spotted that the net effect of Hammond’s policies would actually be to cut the number of affordable homes by 13,000 over the forecast period (albeit with a small boost next year).
Responding, the Shadow Housing Secretary John Healey said: “This blows a hole in the claims made by the Chancellor today.”
“Ministers must now urgently sort out this mess and get Britain building again after six years of failure.”
Insurance Premium Tax will rise from from 10% to 12%, which will hit those buying home, car, pet and health insurance (and wipe out any benefits to motorists from a fuel duty freeze).
Director General of the Association of British Insurers Huw Evans called the measures a “hammer blow for the hard pressed”.
HMRC
Help for Theresa May’s “just about managing” classes will cost the rest. The cumulative effect of the tax, public service and welfare budget changes will be to hit Britain’s poorest.
OBR
According to the OBR, Brexit will cost Britain £59bn. £16bn of that comes as a result of depressed migration, it says, and this cost will go up if May succeeds in hitting her immigration target.
From 2017 up to £94m a year will be needed to pay for more civil servants, who will deal with all the paperwork Brexit involves.
In total this will cost £412m over the course of the Parliament.
Philip Hammond is to partly reverse George Osborne’s planned cuts to Universal Credit, allowing those affected to keep an extra 2p for every pound they earn.
But the change will restore just £700 million a year of the proposed £3 billion cuts.
Hammond reassured pensioners that the “triple lock” was safe until 2020, but they could be in for a shock after the next general election.
“We will meet our pledge to our country’s pensioners through the triple lock. But as we look ahead to the next Parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability”, he said.
“And so the Government will review public spending priorities and other commitments for the next Parliament in light of the evolving fiscal position at the next Spending Review.”
Theresa May will inject £240m into expanding selective education, in a move Labour has called “ploughing cash into her pet project”.
Lucy Powell MP accused the Prime Minster of “abandoning the evidence on what works” and “backing the wrong horse”.
Evidence that grammar schools help the social mobility remains thin on the ground.
OBR
Amid fanfare from the Treasury about improving “the living standards of ordinary working class people and their families”, Hammond raised the living wage - launched under Osborne - to £7.50 an hour.
But this is below the rate suggested by Osborne to achieve his target of £9 an hour by 2020. After today’s announcement, we’re on track for just £8.80.
OBR
Britain’s contributions to the EU could actually go up after it leaves. Because of the fall in the pound (EU contributions are paid in Euros), and the possibility Britain will have to pay to be a member of the single market, the OBR has predicted Britain will pay more to Brussels from 2018-19.
According to the OBR, the most likely scenario is that the UK will pay out £800m extra in 2018-19 and 2019-20, and £900m extra in 2020-21.
The Treasury has also sneaked out an announcement that it will delay helping regional airports with air passenger duty until after Brexit.
http://www.huffingtonpost.co.uk/entry/autumn-statement-11-things-buried-in-the-small-print_uk_5835d81de4b0ddedcf5be77d?
And in case anyone missed it: A shocking admission of economic failure by the Chancellor announcing an all time high debt next year of 90.2% of GDP
1. 13,000 Fewer Affordable Homes
In the Autumn Statement today Philip Hammond made much of his promise of 40,000 extra affordable homes, saying it would meet the “challenge of delivering housing where it is desperately needed”.
But the Office of Budget Responsibility spotted that the net effect of Hammond’s policies would actually be to cut the number of affordable homes by 13,000 over the forecast period (albeit with a small boost next year).
Responding, the Shadow Housing Secretary John Healey said: “This blows a hole in the claims made by the Chancellor today.”
“Ministers must now urgently sort out this mess and get Britain building again after six years of failure.”
2. Hikes In Car And Home Insurance
Insurance Premium Tax will rise from from 10% to 12%, which will hit those buying home, car, pet and health insurance (and wipe out any benefits to motorists from a fuel duty freeze).
Director General of the Association of British Insurers Huw Evans called the measures a “hammer blow for the hard pressed”.
3. The Poorest Hit Hardest
HMRC
Help for Theresa May’s “just about managing” classes will cost the rest. The cumulative effect of the tax, public service and welfare budget changes will be to hit Britain’s poorest.
4. Brexit Will Cost £58bn
OBR
According to the OBR, Brexit will cost Britain £59bn. £16bn of that comes as a result of depressed migration, it says, and this cost will go up if May succeeds in hitting her immigration target.
5. Extra Civil Servants For Brexit Will Cost £94m A Year
From 2017 up to £94m a year will be needed to pay for more civil servants, who will deal with all the paperwork Brexit involves.
In total this will cost £412m over the course of the Parliament.
6. The “Working Poor” Will Still Lose Thousands From Universal Credit Cuts
Philip Hammond is to partly reverse George Osborne’s planned cuts to Universal Credit, allowing those affected to keep an extra 2p for every pound they earn.
But the change will restore just £700 million a year of the proposed £3 billion cuts.
7. The Triple Lock On Pensions Isn’t Safe After 2020
Hammond reassured pensioners that the “triple lock” was safe until 2020, but they could be in for a shock after the next general election.
“We will meet our pledge to our country’s pensioners through the triple lock. But as we look ahead to the next Parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability”, he said.
“And so the Government will review public spending priorities and other commitments for the next Parliament in light of the evolving fiscal position at the next Spending Review.”
8. An Extra £240m On Grammar Schools
Theresa May will inject £240m into expanding selective education, in a move Labour has called “ploughing cash into her pet project”.
Lucy Powell MP accused the Prime Minster of “abandoning the evidence on what works” and “backing the wrong horse”.
Evidence that grammar schools help the social mobility remains thin on the ground.
9. The National Living Wage Is Below Target
OBR
Amid fanfare from the Treasury about improving “the living standards of ordinary working class people and their families”, Hammond raised the living wage - launched under Osborne - to £7.50 an hour.
But this is below the rate suggested by Osborne to achieve his target of £9 an hour by 2020. After today’s announcement, we’re on track for just £8.80.
10. The UK’s EU Contributions Could Go Up
OBR
Britain’s contributions to the EU could actually go up after it leaves. Because of the fall in the pound (EU contributions are paid in Euros), and the possibility Britain will have to pay to be a member of the single market, the OBR has predicted Britain will pay more to Brussels from 2018-19.
According to the OBR, the most likely scenario is that the UK will pay out £800m extra in 2018-19 and 2019-20, and £900m extra in 2020-21.
11. No Cuts To Air Travel Taxes
The Treasury has also sneaked out an announcement that it will delay helping regional airports with air passenger duty until after Brexit.
http://www.huffingtonpost.co.uk/entry/autumn-statement-11-things-buried-in-the-small-print_uk_5835d81de4b0ddedcf5be77d?
And in case anyone missed it: A shocking admission of economic failure by the Chancellor announcing an all time high debt next year of 90.2% of GDP
Guest- Guest
Similar topics
» Comment on today’s IFS announcement re Osborne Autumn Statement
» The Sun is forced to print a front-page apology to Jeremy Corbyn
» The small print in Osborne’s Spending Review that will cripple the NHS
» Small Data: Getting stuck on things or in things
» PARASICTICAL THINGS IN OUR POOL WATER - THINGS KILLING FISH IN OUR LAKES ???
» The Sun is forced to print a front-page apology to Jeremy Corbyn
» The small print in Osborne’s Spending Review that will cripple the NHS
» Small Data: Getting stuck on things or in things
» PARASICTICAL THINGS IN OUR POOL WATER - THINGS KILLING FISH IN OUR LAKES ???
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sat Mar 18, 2023 12:28 pm by Ben Reilly
» TOTAL MADNESS Great British Railway Journeys among shows flagged by counter terror scheme ‘for encouraging far-right sympathies
Wed Feb 22, 2023 5:14 pm by Tommy Monk
» Interesting COVID figures
Tue Feb 21, 2023 5:00 am by Tommy Monk
» HAPPY CHRISTMAS.
Sun Jan 01, 2023 7:33 pm by Tommy Monk
» The Fight Over Climate Change is Over (The Greenies Won!)
Thu Dec 15, 2022 3:59 pm by Tommy Monk
» Trump supporter murders wife, kills family dog, shoots daughter
Mon Dec 12, 2022 1:21 am by 'Wolfie
» Quill
Thu Oct 20, 2022 10:28 pm by Tommy Monk
» Algerian Woman under investigation for torture and murder of French girl, 12, whose body was found in plastic case in Paris
Thu Oct 20, 2022 10:04 pm by Tommy Monk
» Wind turbines cool down the Earth (edited with better video link)
Sun Oct 16, 2022 9:19 am by Ben Reilly
» Saying goodbye to our Queen.
Sun Sep 25, 2022 9:02 pm by Maddog
» PHEW.
Sat Sep 17, 2022 6:33 pm by Syl
» And here's some more enrichment...
Thu Sep 15, 2022 3:46 pm by Ben Reilly
» John F Kennedy Assassination
Thu Sep 15, 2022 3:40 pm by Ben Reilly
» Where is everyone lately...?
Thu Sep 15, 2022 3:33 pm by Ben Reilly
» London violence over the weekend...
Mon Sep 05, 2022 2:19 pm by Tommy Monk
» Why should anyone believe anything that Mo Farah says...!?
Wed Jul 13, 2022 1:44 am by Tommy Monk
» Liverpool Labour defends mayor role poll after turnout was only 3% and they say they will push ahead with the option that was least preferred!!!
Mon Jul 11, 2022 1:11 pm by Tommy Monk
» Labour leader Keir Stammer can't answer the simple question of whether a woman has a penis or not...
Mon Jul 11, 2022 3:58 am by Tommy Monk
» More evidence of remoaners still trying to overturn Brexit... and this is a conservative MP who should be drummed out of the party and out of parliament!
Sun Jul 10, 2022 10:50 pm by Tommy Monk
» R Kelly 30 years, Ghislaine Maxwell 20 years... but here in UK...
Fri Jul 08, 2022 5:31 pm by Original Quill