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Autumn Statement 2014: Summary

State of the economy

  • UK fastest growing economy in the G7
  • 3% growth forecast in 2014, up from 2.7% predicted in March
  • 2.4% growth forecast in 2015, followed by 2.2%, 2.4%, 2.3% and 2.3% in the following four years
  • 500,000 new jobs created this year. 85% of new jobs full-time
  • Unemployment set to fall to 5.4% in 2015
  • Inflation predicted to be 1.5% in 2014, falling to 1.2% in 2015

Business

  • Business rates to be reviewed
  • Research and development tax credit increased for small and medium-sized (SMEs) firms
  • £500m of bank lending to SMEs plus £400m government-backed venture capital funds which invest in SMEs
  • £45m package of support for exporters
  • Expand tax relief on business investment in flood defences
  • No more employer National Insurance contributions (NICs) on apprentices under 25. To make it cheaper to employ young people, from April 2016 employers will not have to pay National Insurance contributions (NICs) for all but the highest earning apprentices aged under 25.
  • Fuel duty to be frozen

Taxation

  • Introduce 25% tax on profits generated by multi-nationals that are shifted out of the UK, set to raise £1bn over five years
  • Bank profits which can be offset by losses for tax purposes to be limited to 50%
  • New £90,000 charge for non-doms resident in the UK for 17 of the past 20 years
  • Inflation-linked increase in business rates capped at 2%

Infrastructure

  • £1.5bn for 84 roads projects in England


Read the Chancellor’s speech in full

Published : 12/3/2014

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