Autumn Statement 2015
26 November 2015
The Chancellor, George Osborne, has delivered his Autumn Statement, which included an unsurprising U-turn.
It was only a month ago when he was defeated in parliament when trying to get approval for £12 billion of Tax Credits cuts. This was ‘essential’ for his austerity measures, but now, only a few weeks later, apparently we don’t need the cuts at all!
It was a fairly typical Autumn Statement with a scattering of ‘Big Numbers’. The most commonly featured word was probably ‘billion’, both for extra spending and for extra cuts. In fact, there seemed to be more mention of extra spending and investment than there did cuts – but Mr Osborne assured us that everything was on course to end the deficit by 2020.
Our Old Mill Tax and Financial Planning Teams give a summary of the detail below, as it is known so far. Please note that this should not be taken as advice and no action should be taken that may affect your personal or business situation without professional consultation.