2012 Chancellors Autumn Statement – Principal Changes

Confirming what we all knew to be the case, George Osborne advised in his Autumn Statement that the UK economy is forecast to shrink in 2012. The actual percentage rate is small, just 0.1%. In the subsequent 5 years to 2016-17 we are advised that the UK should achieve modest growth as the present factors holding back the economy fall away. Next year, growth is forecast to be 1.2% rising to 2.8% in the year 2017.The changes announced in the Autumn Statement are fiscally neutral – any savings are matched by new expenditures.
There are a number of initiatives to be implemented from April 2013 that are aimed to reduce loss of tax revenue due to tax evasion. These are explained in more detail in the notes that follow together with details of other expected tax changes

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