Tax credit cuts scrapped, potential two per cent on council tax, ‘no police cuts’...
What does George Osborne’s Spending Review and Autumn Statement mean for us here in North Devon and our public services? Here’s the announcements from today (Wednesday) at a glance.
* The Chancellor announced he is to scrap planned cuts to tax credits for millions of low paid workers.
* He ruled out any cuts in police budgets in England and Wales.
* Mr Osborne told the Commons welfare savings totalling £12 billion will be “delivered in full... in a way that helps families”.
* Debt forecast is to be 82.5% of national income this year, down from 83.6% at time of July Budget, Mr Osborne said. Debt is to fall to 81.7% next year, then 79.9% in 2017/18, 77.3% in 2018/19, 74.3% in 2019/20 and 71.3% in 2020/21.
* The Government will borrow £8 billion less than forecast and spend £12 billion more on capital investments.
* He said the deficit is to be 3.9% of national income this year, then 2.5% in 2016/17 and 1.2% and 0.2% in subsequent years, before moving to surplus of 0.5% in 2019/20 and 0.6% the following year.
* Borrowing forecast for this year is cut from £74.1 billion to £73.5 billion, falling to £49.9 billion, £24.8 billion and £4.6 billion in subsequent years, reaching a surplus of £10.1 billion in 2019/20 and £14.7 billion in 2020/21.
* State spending to hit 36.5% in five years - down from 45% in 2010.
* There will be public spending of £756 billion this year, then £773 billion, £787 billion, £801 billion in subsequent years, reaching £821 billion in 2019/20 and £857 billion 2020/21.
* The NHS is to deliver £22 billion efficiency savings in England and Department of Health to cut 25% from its Whitehall budget.
* The Chancellor confirmed a commitment to £10 billion real terms increase in the health service budget delivered in full, with the first £6 billion delivered up front next year. NHS budget to rise from £101 billion today to £120 billion by 2020/21.
* An additional £600 million will be spent on mental health.