George Osborne has unveiled the results of the government’s spending review; here we analyse the key points in 25 main areas.
- All cuts to tax credits are to be cancelled.
Tags: 2015, George Osborne, pounds, spending review, uk
Rowena Mason, political correspondent: Osborne has clearly surprised his MPs by totally abandoning his tax credit changes, which would have cost affected families up to £1,300 each and caused consternation on his own side as well as the opposition. It is a 100% U-turn since his aides were insisting up until recently that he was committed to the cuts in principle.
Today is the day when the Chancellor will reveal his plans for Government spending and the nation’s finances.
The spending review sets the amount Government departments will spend – a £4tn budget over the next five years.
Spending reviews were introduced by Gordon Brown in 1998 and the last one was in 2013.
The Autumn Statement details the Government’s general tax and spend plans. It’s not really that much different to the Budget. The announcements are usually smaller and fewer.
Chancellor George Osborne indicates he will target the welfare budget for much of the £25bn of cuts that must be made from 2015.
A further £25bn of cuts must be made after the next election if the Government is to eliminate the UK’s deficit, Chancellor George Osborne has said.
Mr Osborne, who will set out his priorities for the next 12 months in a speech later this morning saying 2014 will be “the year of hard truths”, indicated he would be looking to the welfare budget to make those savings.
(Reuters) – Chancellor George Osborne completed talks on Sunday with government departments aimed at securing spending cuts worth 11.5 billion pounds in 2015-16 to help reduce the country’s budget deficit, the Treasury said.
The finance ministry said it had reached agreement with all departments, three days before Osborne is due to publish details of their spending limits on June 26.
The talks to find spending cuts starting in 2015 – when voters go to the polls – posed a political headache for Osborne, particularly over the sensitive defence budget and a business department under pressure to do more to revive the economy.
Budget 2013 Statement to the House of Commons by the Rt Hon George Osborne, MP, Chancellor of the Exchequer.
Mr Deputy Speaker, this is a Budget for people who aspire to work hard and get on.
It’s a Budget for people who realise there are no easy answers to problems built up over many years.
Just the painstaking work of putting right what went so badly wrong.
Chancellor George Osborne is predicted to take the step in his Budget next week to help ease the cost of living.
Chancellor George Osborne is planning a hike in fuel to help britons ease the cost of living.
The move would mean that the coalition has axed or frozen every scheduled rise since 2010 and the prospect has already been welcomed by motoring groups.
The duty was due to rise in the autumn but Mr Osborne will cancel it to appease Tory MPs, according to the Spectator magazine.
Access to London will cover the budget on 20 March . Here is an outline of what aspects. The budget will cover this year from The Telegraph
This guide outlines the latest predictions for the Budget 2013 related to individuals and households. It will be updated as more information emerges in the coming days ahead of the Budget announcement on Wednesday March 20.
What will George Osborne include in the Budget 2013? Experts agree he has little room to manoevure and as Jeremy Warner notes, the lesson from last year’s Budget is that political boldness doesn’t pay.
It has been announced today that elderly care bills are to be capped by the state in a £1bn move expected to be funded by dragging more people into inheritance tax.
The cap on how much pensioners pay for care is to be set at £75,000, more than double the £35,000 recommended by the Dilnot Commission.
But the assets threshold beneath which people will receive means-tested support is to be hiked significantly – up from £23,250 to £123,000.
The new Government new idea is to extend the freeze of inheritance tax threshold which currently kicks in at 40% at £325,000 or £650,000 for couples.