Osborne's announcement offers some incentives for Cumbria
Last updated at 14:52, Wednesday, 05 December 2012
CUMBRIAN businesses will benefit despite a bleak outlook from the chancellor's autumn statement.
George Osborne today announced a benefits squeeze and a raid on the pensions of the wealthy as the economy continues to falter.
In a bleak Autumn Statement, the Chancellor said that weakening economic growth meant the era austerity would be extended for another year to 2018, well into the next parliament.
However, he scrapped a planned 3p-a-litre rise in fuel duty which had been due to come in January.
Borrowing is forecast to fall from £108 billion this year to £99bn next year, £88bn the year after, then £73bn in 2015-16 and £49bn and £31bn in the two years after that.
Higher rate income tax threshold will be increased by just 1 per cent in 2014-15 and 2015-16, so the income at which people start paying the 40 per cent rate will go up from £41,450 to £41,865 and then to £42,285.
Plans were also announced for 120,000 homes and more support for local enterprise partnerships.
Companies looking to export from the UK are due to receive a boost as trade body UK Trade and Investment received a 25 per cent boost of £70m for the next two years to help UK firms export their goods.
The amount savers can put in ISAs is due to rise to £11,520.
However, he was also forced to admit that the independent Office for Budget Responsibility now believed he would miss his target for debt to start falling as a proportion of GDP from 2015/16 - the year of the next general election.
For the full story and local reaction see tomorrow's Evening Mail.
First published at 14:47, Wednesday, 05 December 2012
Published by http://www.nwemail.co.uk
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