George Osborne delivers Autumn Statement and Spending Review
The chancellor says he has abandoned planned cuts to tax credits
Police budgets also escape cuts with economy boosted by £27bn windfall
Labour says working families will still lose out
Autumn Statement sets out state of UK economy and signals tax and welfare plans
Spending Review set out details of plans to cut government spending over next few years
George Osborne reaches his conclusion, after just over an hour on his feet, telling MPs that this is a Spending Review of a "one-nation government".
Quote MessageThe guardians of economic security, the protectors of national security, the builders of our better future. This government; the mainstream representatives of the people of Britain."
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What about Home Office funding? George Osborne tells MPs says the shadow home secretary, Andy Burnham, has said the police budget "could be cut by 10%" but Mr Osborne says there'll be "no cuts" in the police budget" - which wasn't what was expected.
"There will be real-terms protection for police funding," he says, adding:
Quote MessageThe police protect us and we are going to protect the police."
Tampon tax 'to fund women's charities'
Osborne details block grant to Scotland
Defence now. Remember, this budget has been protected by the government, with a commitment to spend 2% of national income on defence. The UK has also committed to spend 0.7% of our national income on overseas development, and the chancellor says the Foreign and Commonwealth Office budget will be protected in real-terms.
The chancellor also announces a new London help-to-buy scheme, attributing the policy to Conservative London mayoral hopeful Zac Goldsmith's campaigning on the matter.
He says there'll be a 3% increase in stamp duty for buy-to-let properties and second homes, effective from next year. Corporate property development won't be affected. It'll raise £1bn by 2021, he says.
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George Osborne says the right-to-buy will be extended to housing association tenants (as promised in the Conservatives' election manifesto) - starting with a new pilot in five housing associations from midnight.
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Here comes the chancellor's big announcement on housing. He says he wants to back families who aspire to buy their own home. He's doubling to £2bn a year the housing budget to deliver "400,000 affordable new homes" by 2020 - to rent and to buy.
George Osborne turns to prisons and the courts system. He says underused courts will be closed and the money saved to fund a £700m investment in new technology to speed up the justice process.
He announces that Holloway women's prison is to close so that women prisoners will serve their sentences in "more humane" conditions.
Quote Message300,000 people have signed a petition arguing that no VAT should be charged on sanitary products. We already charge the lowest 5% rate allowable under European law and we're committed to getting the EU rules changed. Until that happens, I'm going to use the £15 million a year raised from the Tampon Tax to fund women's health and support charities. The first £5 million will be distributed between the Eve Appeal, SafeLives and Women's Aid, and The Haven - and I invite bids from other such good causes."
George Osborne, Chancellor of the Exchequer
George Osborne announces new support for students, including giving part-time students access to maintenance loans.
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George Osborne says there'll be 500 new free schools and university technical colleges. He says there are now 5,000 academies and announces that sixth form colleges will be able to come academies too "so they no longer have to pay VAT".
The schools budget is protected in real terms and total financial support for education - including childcare - will increase by £10bn.
The government will phase out the "unfair" school funding system which has "systematically underfunded schools in whole swathes of the country". It'll be replaced by a new National Funding Formula from 2017 he adds.
Image source, PACatch-up at any time with an at-a-glance summary of the main points of the 2015 Autumn Statement and Comprehensive Spending Review.
An at-a-glance summary of the main points of the 2015 Autumn Statement and Comprehensive Spending Review.
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