Definition of Autumn Statement

The Autumn Statement – made to Parliament by the UK chancellor of the Exchequer (or chief finance minister) once a year – is really a mini-Budget in which the chancellor outlines changes to fiscal policy. It is accompanied by a report from the Office for Budget Responsibility, which produces five-year forecasts for the UK economy twice a year. Once for the Budget (which the chancellor announces in the Spring) and once for the Autumn Statement which is usually in late November or at the beginning of December.

 

Autumn Statement in the news

In his Autumn Statment on December 5 2012, the chancellor said the threshold for the 40 per cent rate would rise by 1 per cent in 2014 and again in 2015, from £41,450 to £41,865, and then to £42,285. There were also changes announced to the basic state pension, for home owners and for investors. There were no changes to the stamp duty land tax.

On December 5 2013 the chancellor announced that the state pension age would rise to 68 in the mid-2030s and to 69 by the mid-2040s. Announcements also included the following: Stamp duty would be abolished for shares traded on exchange traded funds; Free school meals would be available for all children in the first three years of school; employers would no longer have to pay national insurance for workers under 21; the cap on the number of students who can go to university would be removed in 2015; there would be a freeze in fuel duty; the small business rate relief scheme would be extended; there would be a discount on business rates for small local retailers; the annual increase in business rates would be capped at 2 per cent and £1bn in loans would be made available to housing projects across the country.

View: the Autumn Statement hub page for more updates