A change of direction for Chancellor George Osborne …
The Spending Review, which sets out how Government plans to spend £4 trillion over the next five years, heralded a softening of the further austerity measures necessary to balance the Nation’s books. An expected windfall from revised OBR projections enabled the hatchet to be replaced by secateurs.
The Autumn Statement, which sets out OBR projections for economic growth and plans for Government finances, proved to be a relatively modest affair compared to previous mini-Budgets. Nevertheless, there are a number of significant changes in store for the tax and benefit system.
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