At 12.30pm on Tuesday 29th November, 2011 Chancellor George Osborne announced the Autumn Statement 2011. Here are the key points that will have the biggest impact on your household finances.
With downgraded growth forcasts for the economy, turmoil in Europe and little in the bank, the Chancellor didn't have much to play with; but a number of significant announcements were made regardless.
Check the table, find out how you'll be affected by the changes announced in the Autumn Statment 2011 then share your opinion of the Chancellor's plans.
| Pensions |
| Pension age | - The state pension age will rise to 67 between April 2026 and April 2028
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| State pension | - The basic state pension will rise to £107.45 a week in April 2012 as planned
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| Pension credit | - The minimum income guarantee in Pension Credit will increase by 3.9% in April 2012 (£142.70 a week for single pensioners, and £217.90 a week for couples)
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| Housing |
| 95% mortgages | - Afforable 95% mortgages will be available on 100,000 new build properties via the New Build Indemnity Scheme
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| Council tax | - Councils will be incentivsed to freeze council tax for another year
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| Right to buy | - Up to 50% discount on Right to Buy homes for social tenants
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| New builds | - £400 million funding to kick start stalled housing developments
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| Water bills | - South West Water customers will have their water bills reduced by £50 a year
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| Transport |
| Fuel | - The 3p/litre fuel increase due for January 2012 will be postponed until 1st August 2012
- The inflation-linked fuel increase planned for 1st August will be cancelled
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| Trains | - Increases in rail fares and Transport for London fares will be capped at 6.2% in January (instead of 8.2%)
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| Employment & Education |
| Employment | - Annual pay increases for public sector workers will be set at an average 1% for two years after the current pay freeze comes to an end
- Financial incentives for private sector firms will create 160,000 jobs for young people
- Funding for 40,000 young apprentiship placements will be made available
- 6 month work experience placements for 18 - 24 year olds who have been unemployed for at least 3 months
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| Education | - 100 additional free schools will be established by the end of this Parliament, including new specialist maths schools for 16 - 18 year olds
- Funding for an additional 40,000 school places will be shared between local authorities
- 15 hours of free education and care a week will be made available to an additional 130,000 disadvantaged 2 year olds
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| Benefits & tax credits |
| Benefits | - Most working age and disability benefits will rise by 5.2% in line with CPI
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| Tax credits | - The planned increase to the couple and lone parents elemets of Working Tax Credit for 2012/13 has been cancelled
- The £110 above inflation increase to the child element of Child Tax Credit will not go ahead. Instead it will rise by 5.2% in line with CPI during 2012/13
- Disability elements of tax credits will rise by 5.2% in line with the CPI for 2012/13
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| Business |
| Development | - A Seed Enterprise Investing Scheme (SEIS) will offer 50% income tax relief on investments in small businesses from April 2012, and capital gains tax exemption on gains released in 2012/13 and then invested through SEIS in the same year
- A National Loan Guarantee Scheme will guarantee up to £20 billion worth of bank loans to small businesses
- A Business Finance Partnership will extend £1 billion worth of investment to small and mid-sized business
- There will be an investigation into the impact of a simpler dismissal process for small businesses, and a reduction in the number of days' notice required for collective redundancies made by large businesses
- A review into regional public sector pay adjustments will be carried out
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