Summary

  • UK growth forecast raised for this year to 3.0%

  • Stamp duty cut for most home buyers

  • New tax to stop big companies shifting profits offshore

  • Borrowing forecast for this year raised to £91.3bn

  1. Send your viewspublished at 16:59 Greenwich Mean Time 3 December 2014

    Alex Williams emails: I exchanged on a flat last Friday, I'll complete in a week. George Osborne just saved me £4200 in stamp duty, he has my vote!

  2. Stamp dutypublished at 16:57 Greenwich Mean Time 3 December 2014

    Is getting everyone talking. Stand by for a flurry of views...

  3. Via Twitterpublished at 16:55 Greenwich Mean Time 3 December 2014

    Rory Cellan-Jones
    Technology correspondent

    "Man from Deloitte @UKBudget, external team tells me Google tax will be difficult to implement before international tax agreements are changed"

  4. Technology taxpublished at 16:52 Greenwich Mean Time 3 December 2014

    Law firm Eversheds says this about the new tax designed to stop firms diverting profits offshore to avoid tax: "The new diverted profit tax is a bit surprising: the UK is clearly taking a lead here and putting its marker down: effectively jumping ahead of the OECD BEPS initiative. Quite how it will operate will remain to be seen. Sceptics may think it is just a headline grabber."

  5. UKIP Autumn Statement reactionpublished at 16:48 Greenwich Mean Time 3 December 2014

    UKIP economic spokesman Patrick O'Flynn MEP accused George Osborne of resorting to "smoke and mirror politics" to pretend the UK's budget deficit was under control. Mr O'Flynn said the coalition "lacked the appetite to restrain pending" and described the bill for foreign aid and investment in alternative energy as "huge and unaffordable".

  6. Via Twitterpublished at 16:44 Greenwich Mean Time 3 December 2014

    Douglas Fraser
    Business and economy editor, Scotland

    tweets: , external."@ScotTories attack gap between new Stamp Duty + Scots Transaction Tax. For £350k home: England £7500, Scotland £12,300. #AutumnStatement" Big difference indeed.

  7. Stamp duty warningpublished at 16:43 Greenwich Mean Time 3 December 2014

    Houses in BrightonImage source, PA

    Capital Economics emails saying the stamp duty changes could inflate a section of the housing market: "Reforming stamp duty land tax from a slab to a graduated system is certainly an improvement, and should give a short-term boost to housing transactions. But it will also give another boost to overvalued house prices (at least those beneath £1m), and offer no lasting benefit to first-time buyers."

  8. Via Twitterpublished at 16:42 Greenwich Mean Time 3 December 2014

    Kamal Ahmed
    BBC Business editor

    "Treasury says technology tax, external will need legislation. Will be laid before Parliament next Weds along with "technical consultation""

  9. Get involvedpublished at 16:36 Greenwich Mean Time 3 December 2014

    Katie Fox emails: How is this any good for the housing market? It just makes the rich richer. I am a manager of an estate agents where most of our properties are between £200-550k. At the moment the dreaded leap between from 1% to 3% causes a problem for those unfortunate sellers in that bracket. How will making it now either 2% or 5% help move that market? It will simply encourage less people to buy (or sell).

  10. SNP reactionpublished at 16:31 Greenwich Mean Time 3 December 2014

    Stewart Hosie

    SNP Treasury spokesman Stewart Hosie argued the statement showed "why the SNP are right to call for more powers for Scotland", saying what the chancellor had outlined was "merely a continuation of a failed austerity programme".

    "Tory policy has strangled the recovery and with £75bn of cuts to come we are on track for a decade of austerity," he added.

  11. Get involvedpublished at 16:25 Greenwich Mean Time 3 December 2014

    Andrew Smith in London emails: Rich Hinchliffe (14.25) has probably misunderstood the new stamp duty rates. To end up with a 66% increase in stamp duty, he would have to buy a property for well in excess of £10m.

  12. Tax systempublished at 16:20 Greenwich Mean Time 3 December 2014

    Professor Philip Booth, programme director at the Institute of Economic Affairs, said: "Almost every measure in the Autumn Statement made the tax system more complex, or involved spending promises motivated by interest groups at the expense of the long-term economic interest of the country."

    He also described the proposed sovereign wealth fund for the north of England as "completely misguided" and called for any shale gas revenues to be used to reduce taxes or government debt.

  13. Via Twitterpublished at 16:17 Greenwich Mean Time 3 December 2014

    Anthony Reuben
    Head of Statistics, BBC News

    "OBR: 60% of cuts in spending on public services to come in next Parliament, taking it to lowest for 80 years by 2020."

  14. Stamp dutypublished at 16:10 Greenwich Mean Time 3 December 2014

    Am I better off under these new, stepped stamp duty rates? Find out here, external. Quick as a whippet, is HMRC.

  15. Angie Bray, Conservative MP for Ealing Central and Actonpublished at 16:05 Greenwich Mean Time 3 December 2014

    The Conservative MP for Ealing Central and Acton tweets, external: Great to hear £2bn more for NHS confirmed in Autumn Statement. £1.2billion funded by bankers' penalties to upgrade GP surgeries.

  16. Bankerspublished at 16:01 Greenwich Mean Time 3 December 2014

    Anthony BrowneImage source, Getty Images

    Rules allowing banks to offset losses made in the financial crisis against future profits will be tightened and banks could pay some £4bn extra in tax. But the industry body the BBA is putting on a serene face. Chief executive, Anthony Browne, says stoically: "Banks contribute more than £25bn each year to the nation's public finances - enough to pay the salaries of around half a million nurses. It is absolutely right that this important industry pays its fair share of tax, but it is important to note that where banks have offset losses they have done so legally, just as all other businesses can."

  17. Earningspublished at 15:50 Greenwich Mean Time 3 December 2014

    "We have been disappointed by earnings growth but there are tentative signs that that is turning around," Mr Chote said earlier. But he added the OBR doesn't expect earnings to hit pre-crisis levels until nearly 2019.

  18. How does this affect me?published at 15:49 Greenwich Mean Time 3 December 2014

    Balance sheet paper

    Find out here. Personal finance's golden boy, Kevin Peachey, answers your main questions.

  19. Business ratespublished at 15:46 Greenwich Mean Time 3 December 2014

    "Councils have been urging government to overhaul business rates and remove the obstacles which prevent us from supporting high street shops, small firms and new start-ups as much as we would like to. It is encouraging news for business that the chancellor has listened," said Councillor Claire Kober, chair of the Local Government Association's Resources Board, in response to the announcement of a business rates review.

  20. Stamp dutypublished at 15:44 Greenwich Mean Time 3 December 2014

    In the Commons, MPs were getting a bit grumpy that the legislation underpinning changes to stamp duty has been introduced so quickly. William Hague, who's in charge of the parliamentary timetable, stressed that MPs will get a chance to debate the measures in more depth on Thursday.