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. Technology taxpublished at 15:38 Greenwich Mean Time 3 December 2014

    Are you worried about the detail given by the government on technology tax? Asks our Emma Simpson at the conference. "We have certified they are reasonable estimates. This time we have given as assessment of the level of uncertainty, says Mr Chote. "They are uncertain as they depend on how the companies respond. It depends on if they find a way around these taxes."

  2. John Leech, Liberal Democrat MP for Manchester-Withingtonpublished at 15:36 Greenwich Mean Time 3 December 2014

    The Liberal Democrat MP for Manchester-Withington tweets, external: Good that Youth unemployment is down. In big part due to the @LibDems policy of Apprenticeships #AutumnStatement

  3. Newsnight analysispublished at 15:36 Greenwich Mean Time 3 December 2014

    You don't have to wait until this evening to hear what BBC Newsnight's team made of the chancellor's announcements - analysis from Duncan Weldon, Allegra Stratton and Chris Cook, chaired by Evan Davis, is online now. Newsnight's Autumn Statement analysis.

  4. Stamp duty reactionpublished at 15:34 Greenwich Mean Time 3 December 2014

    The accountancy body the ACCA is delighted: "We have been asking for this for years - making this tax progressive is important. Abolishing the single slab rate is a welcome move to end the significant distortions of this burdensome tax."

  5. Borrowingpublished at 15:23 Greenwich Mean Time 3 December 2014

    Growth in self employment has been skewed to relatively low earners, Mr Chote says, while North Sea oil revenues have also been lower because of the fall in oil prices since the summer. Reforms to Stamp Duty will cost Treasury £400m, he adds. This along with lower income tax revenues means the government will borrow a bit more than £91bn this year. That still looks optimistic given the government has already borrowed £64bn.

  6. Inflation forecastpublished at 15:17 Greenwich Mean Time 3 December 2014

    The OBR expects inflation to fall to a low of 0.9% next year ,says Mr Chote, partly that's a mix of a falling oil price, continuing instability in the eurozone and wages. "Perhaps the biggest risk is we have to wait even longer for an increase in productivity," he adds.

  7. Potentialpublished at 15:17 Greenwich Mean Time 3 December 2014

    Robert Chote: "We now believe the output gap - difference between potential economic performance and actual - smaller than we expected.

  8. Your viewspublished at 15:15 Greenwich Mean Time 3 December 2014

    Ian, Northumberland, emails: When discussing the increase in GDP it would be interesting to quote any rise in GDP per capita. Population is increasing rapidly and, of course, GDP will rise - but the rise is shared by many more people - hence the rise in GDP whilst the purchasing power of most individuals has not increased.

  9. Facebook Q&Apublished at 15:13 Greenwich Mean Time 3 December 2014

    Political Correspondent Chris Mason is doing an Autumn Statement Q&A on Facebook at 15:00 GMT. You can join in here, external.

  10. Economypublished at 15:13 Greenwich Mean Time 3 December 2014

    "CPI inflation came in at 1.5% compared with our March forecast of 1.8%, and unemployment lower than we thought," says Mr Chote.

  11. Public financespublished at 15:09 Greenwich Mean Time 3 December 2014

    Robert Chote is now talking about public finances: "Public spending will be the lowest as a percentage of GDP in 80 years.

  12. OBRpublished at 15:06 Greenwich Mean Time 3 December 2014

    Robert Chote, the head of the Office for Budget Responsibility (OBR) is now holding its media conference: "The key uncertainty is productivity growth. Earnings growth continues to surprise on the downside."

  13. Via Twitterpublished at 15:01 Greenwich Mean Time 3 December 2014

    Robert Peston
    Economics editor

    "Tax revenues forecast by OBR £20bn less in three years than thought in budget #AutumnStatement, says IFS"

  14. Kubla Khanpublished at 14:59 Greenwich Mean Time 3 December 2014

    The Office for Budget Responsibility (OBR) employs some cultured fellows. We're waiting for the OBR press conference on the Autumn Statement and the man testing the equipment recited "in Xanadu did Kubla Khan... (etc) down to a sunless sea". From memory. And then exited the microphone with a cheeky grin.

  15. Caroline Lucas, Green Party MP for Brighton Pavilion and former Leader of the Green Partypublished at 14:54 Greenwich Mean Time 3 December 2014

    The Green Party MP for Brighton Pavilion and former Leader of the Green Party tweets, external: "restraining" public sector pay an insult to teachers, nurses, firefighters and so many others - fair pay does not = instability #AS2014

  16. CBI reactionpublished at 14:42 Greenwich Mean Time 3 December 2014

    But the CBI is less happy about this: "The targeted focus on enterprise is right, but business innovators would have liked to see more on research and development (R&D) to boost UK investment."

  17. CBI reactionpublished at 14:41 Greenwich Mean Time 3 December 2014

    The CBI's director general John Cridland, CBI Director-General, has plenty to say about the Autumn Statement: "These major changes on stamp duty and business rates will be a shot in the arm for families and growing firms as they look towards 2015." So far, so good, for Mr Osborne. But there's more...

  18. Small businessespublished at 14:34 Greenwich Mean Time 3 December 2014

    The Federation of Small Businesses (FSB) is very pleased with the Autumn Statement. "The FSB is delighted to see the double small business rate relief remain for another year and a full review of the outdated business rates system, something we've long argued for," says its chairman John Allan.

  19. Infrastructurepublished at 14:32 Greenwich Mean Time 3 December 2014

    Bombardier train factory

    Noel Travers managing director of Bombardier UK in Derby says he was "delighted to hear about continuing investment in infrastructure projects and I hope we can build the new trains needed in this factory". Naturally.

  20. Ed Miliband, Labour leaderpublished at 14:28 Greenwich Mean Time 3 December 2014

    The leader of Labour Party Ed Miliband tweets, external: David Cameron and George Osborne have now failed every test and broken every promise they made on the economy. #AutumnStatement