Osborne’s autumn statement……..
- British economy ‘is healing’
- There are ‘no quick fixes’, but ‘we are making progress’, multitude of problems abroad
- Britain’s on the right track, turning back now would be a disaster
- Deficit is set to continue falling, exports have doubled since 2009
- Investment is flowing into UK gilts, Britain is seen as a ‘safe haven’
- Will set out details of 2015-2016 spending
- Pledges further savings from welfare and the better off
- UK economy forecast to0 shrink to 0.1% in 2012- OBR ‘s new forecast
- Economy to grow by 1.2% in 2013, 2% in 2014, 2.3% in 2015 and rising to 2.7% in 2016 (all below previous forecasts)
- Unemployment likely to peak at 8.3%, lower than earlier estimates of 8.7%, private sector created more jobs than expected
- Fall in unemployment lessens impact of weaker GDP on the deficit
- Banks adding £70 bln to the National debt
- Sees deficit at 6.9% this year
- 2012-2013 budget deficit seen at £108 bln, 2013-2014 at £99bln, 2014-2015 at £88bln, £73 bln in 2015-2016 and falling to £49bln in 2016-2017
- Deficit is still too high for comfort, will take 4 years to get debt falling
- OBR says Uk fiscal mandate is on course
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