Autumn statement

At 12.30 today George Osbourne delivered his Autumn statement hinting at what we can expect in the Budget next March.  The main focus today was very much to reassure the nation that the UK is not heading for another recession, and the onus was on reducing expenditure rather than reducing taxes.  There were no major surprises, and at this stage only broad explanations of future plans were outlined .....therefore watch this space for more updates as the detail is finalised and the budget delivered in March.   However to summarise the key highlights:

- From April 2012, 50% income tax relief for anyone who has up to £100,000 to invest in a new business start up under a new Seed Enterprise Investment Scheme.

- 100% capital allowances for businesses in certain Enterprise Zones Sheffield, the Black Country, Liverpool, Tees Valley, North Eastern, and the Humber.

- Above the line tax credit in 2013 for large companies to encourage research and development projects

- Corporation rate reduction from 26% to 25% to go ahead but no further reductions announced

- Basic rate pension to rise by £5.30 to £107.45 for 2012/13

- 3p rise to fuel duty scheduled for January cancelled

- Mortgage schemes to help up to £100,000 people buy homes with 5% deposit

- Council tax will remain frozen until April 2013

- Business rates holiday extended to April 2013

- Planned cuts to red tape for labour market – make it easier to hire and fire, reduced Health & Safety requirements for small businesses