George Osborne writes about the Autumn Statement


Chancellor George Osborne writes ...

"Today I set out the last Autumn Statement before the election with a clear message.
Britain now faces a choice: we can squander the economic security we have gained with Labour's plans for higher taxes and higher spending, or we can stay the course with our long-term economic plan that is working.
  • The deficit is falling
  • Unemployment is falling
  • The economy is growing
"We do not shy away from the problems that remain unresolved in the British economy. But it's only by working through the plan that we can deliver more security for hardworking families.

That's why we're clear: we must stay the course to prosperity. So please get behind our plan and add your name to our petition today.

"Our long-term economic plan backs people who want to work hard and get on. It backs the aspiration to save, to work, and to own your own home.

"Today I announced:
  • We will overhaul stamp duty so that 98% of stamp duty payers pay less tax when they buy their home.
  • We will continue to back businesses to create jobs in all parts of the country - with action on business rates and more help for the high street.
  • We will abolish the employers' jobs tax on apprenticeships for people under 25 to help more young people get the skills they need.
  • We will raise the personal allowance, and higher rate taxpayers will also benefit - a down payment on our commitments to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 in the next parliament.
  • We will cut tax for families by abolishing the air passenger duty paid for children.
  • And we will support savers by letting husbands and wives inherit their partner's ISA and keep its tax-free status.
"These measures are all part of our long-term economic plan that is building a stronger, healthier economy.
Next year Britain gets to choose: do we squander the economic security we've gained by repeating the mistakes of the past? Or do we finish the job?

"We need to stay on course to prosperity - please add your name here to show your support.

Yours,

George Osborne"

Comments

Jim said…
I see the chancellor understands that sharp increases in stamp duty have been a hindrence to house sales across the country for years. £250K for a house between manchester and london is not really that expensive, but its a sudden jump to 3%, this did not gain the treasury money, if anything it cost sales and cost the treasury. Whilst it is welcome that something is now being done, George Osbourne MUST have known about this problem for years, so the question is why has it taken almost 5 years to put it right?
deficit reduction cant be used, as i have alrealdy pointed out, it cost more in lost revenue than it ever gained.
5:47 pm
Chris Whiteside said…
Exactly, you can argue that this move is overdue but, at least it is now happening. I am very glad that he has done something to alter the daft rules on Stamp Duty.
8:31 am
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