This year’s Autumn Statement can be summed up as lots of goodies for voters such as stamp duty changes (great news for Londoners) and airport tax reductions, lots of re-announced transport and infrastructure projects and little change on the dismal underlying public finance figures.
The northern powerhouse features heavily. There have not been many Autumn Statements in the past that have boasted about ‘devolving unprecedented powers to local areas through city deals and local growth deals,’ the shape of things to come. But there were no other announcements of new combined authorities.
Tax income is less than expected as a result of low pay rises and declining North Sea oil revenues. Curiously this impact on the public finances has apparently been offset by ‘lower than expected spending including lower debt interest payments.’
Click here for Autumn Statement document:
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