HM Treasury

UK economy

Autumn Statement 2012

The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 5 December 2012, alongside the publication of the Office for Budget Responsibility’s updated forecasts for growth and borrowing.

The Government’s economic strategy is focussed on reducing the deficit, restoring stability, rebalancing the economy and equipping the UK to compete in the global race. In his statement, George Osborne set out how this strategy will be maintained by taking further action in three areas: Protecting the economy; Growth; and Fairness.

Protecting the economy

Because of the ongoing impact of the financial crisis, the euro area crisis and the effect of inflation on incomes and business costs, the OBR is predicting a more subdued and uneven recovery than expected with growth weaker and inflation higher than forecast. In response, Autumn Statement sets out:

Growth

To enable the UK to compete with emerging economies such as China, India and Brazil, the Government is taking action to rebalance and strengthen the economy while supporting those who want to work hard and get on, including:

Fairness

Fairness is a fundamental aspect of plans to reduce the deficit and protect the economy.  The Government will help to ensure that it pays to work, supporting pensioners and those most in need, and delivering a progressive tax and welfare system that is affordable and encourages growth, by:

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