Chancellor of the Exchequer George Osborne gave his Autumn Statement to the House of Commons, setting out the Government’s plans for the coming months.
In a speech focused on ‘staying the course’, Mr Osborne said that the economic plan of austerity had been a success. Quoting from the Office for Budget Responsibility, he informed parliament that the economy is predicted to have grown by 3% this year, up from the 2.7% originally predicted at the time of the Budget.
Among the key announcements were a pledge of an extra £2 billion per year for the NHS; a rise in the ISA investment limit to £15,240; abolition of air passenger duty on flights for children under the age of 12; and a 25% tax on profits generated by multinational companies in the UK.
Another key announcement was abolition of the inheritance tax from pensions and ISAs when the outstanding balance is transferred to a family member upon the saver’s death.
Abolition of the stamp duty residential slab system was a major highlight, with the introduction of a new system at midnight tonight. Mr Osborne said: ‘I’m announcing a complete reform of a tax that has been described as one of our worst-designed and most damaging of all taxes’.
Be sure to check back for further updates this afternoon, and our full Autumn Statement summary tomorrow.