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
Have your say
Be the first to comment on this article!
Make your comment
Visit our websites for...
Go green 34
Travel the globe
Go green 33
To save our contact details direct to your smartphone simply scan this QR code
|Evening Mail Going Out|