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.