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29 November 2011

Autumn Statement 2011

The Chancellor has today delivered his autumn statement to Parliament, alongside the publication of the Office for Budget Responsibility’s updated forecasts for growth and borrowing. He announced permanent reductions in spending to ensure that the UK meets its fiscal targets, using some of those savings in the short term to fund infrastructure investment to generate long-term growth. Alongside this, he announced measures to help households and businesses cope with higher inflation and to ensure that deficit reduction is implemented fairly.

Protecting the economy

As result of the ongoing impact of the financial crisis, the euro area crisis, and commodity shock, the OBR expect slower growth and higher borrowing in each year of their forecast.

In order to ensure it continues to meet its fiscal targets, the Government will:

To complement the Bank of England’s active monetary policy, the Government will launch a package of up to £21 billion to ease the flow of credit to smaller and mid-sized businesses, including:

Building a stronger economy for the future

Building on the first phase of the Growth Review, the Government is taking action to accelerate its supply side reforms to invest in infrastructure, support enterprise and lay the foundations for strong, balanced growth, including:

Fairness

Fairness underpins the Government’s plan to protect, rebalance and strengthen the economy. To ensure that the deficit reduction is implemented fairly, provide further support for families and businesses with high inflation, and support young people in the labour market, the Government will:

Notes for editors

1. The autumn statement document, containing full details of all measures, can be downloaded from: http://www.hm-treasury.gov.uk/as2011_index.htm

2. The Office for Budget Responsibility have published updated forecasts for the economy and the public finances in their Economic and Fiscal Outlook, which can be downloaded from: http://budgetresponsibility.independent.gov.uk/publications/economic-and-fiscal-outlook/

3. Other documents published alongside the Autumn Statement document include:

4. Further information and published documents relating to the Autumn Statement may be found on the HM Treasury website: http://www.hm-treasury.gov.uk/as2011_documents.htm

Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk

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Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238. 

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