UK scraps £1bn carbon capture projectpublished at 16:05
Some news just in. The government has announced it is axing its £1bn competition to develop "carbon capture and storage" technology on power stations.
Summary
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
UK scraps £1bn carbon capture projectpublished at 16:05
Small businesses 'support apprenticeship decision'published at 16:04
Small business lobbying group the Federation of Small Businesses has said it "supports the decision to use payroll as a measure to determine which businesses pay the apprenticeship levy, as opposed to headcount".
Quote MessageThe 0.5% payroll levy on firms alongside a £15,000 allowance will mean that the levy will only apply to firms whose total payroll exceeds £3m. We believe this is a fair level as it recognises that not all businesses will be able to afford to pay the charge."
John Allan, National chairman, Federation of Small Businesses
Send us your commentspublished at 16:01
Email: haveyoursay@bbc.co.uk
Veronica
I am very angry that essential items for women are being tax at 20% and I am being forced to donate to charities..
I dont want to donate, but I have no option. I have to use sanitary products.
Around £15 million in VAT is collected each year on sanitary products. While EU rules mean that the government cannot remove all VAT on sanitary products, an annual fund will instead be set up equivalent to the yearly value of this tax.
Short Money for opposition parties to be cutpublished at 16:00
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End of twitter postChancellor 'could be blown off course' by a weak economypublished at 15:55
Business lobbying group the Institute of Directors (IoD) has said Chancellor George Osborne was "dealt a remarkably strong hand" by predictions of stronger economic growth and higher tax receipts, but warned that plans could be "blown off course if the economy does not continue as strongly as expected".
IoD director general Simon Walker says:
Quote MessageThere will be plenty of complaints about individual cuts, but it’s important to remember that total debt will still be colossal, over £1.715 trillion (70% of GDP), by the end of the spending review period. The Chancellor will know that if the economy chills and tax receipts disappoint, his plans will suddenly become much harder to achieve. With over a dozen tax consultations launched since the election, there is a real worry for businesses that next year’s Budget will see further tax increases."
He added that the apprenticeship levy will be "a new payroll tax" and "a big new cost for many companies".
Greens criticise Spending Reviewpublished at 15:52
Green Party leader Natalie Bennett offers her thoughts on the Autumn Statement and Spending Review. There was "barely" a recognition that the UK's economic prosperity "relies on a healthy natural environment", she said, adding that it "doesn't add up, in economic, social or environmental terms".
Image source, PAQuote MessageThe beneficiaries of this Spending Review will be large private sector firms, such as housebuilders. The victims will be the low-paid, the unemployed, the insecurely employed and disabled, and the young."
She added that "further cuts to local authority spending are nothing short of disastrous".
Oxfam responds to tax credits movepublished at 15:48
Charity Oxfam has welcomed the abandonment of tax credit cuts. Rachael Orr, its head of UK poverty, Rachel Orr, said:
Quote MessageThe government should use the breathing space this announcement gives them to amend their plans for Universal Credit so that poor families are protected when it is introduced in 2020."
Greenpeace unhappy with energy efficiency funding cutspublished at 15:43
Greenpeace has responded to the Autumn Statement. Policy director Doug Parr criticsed plans to cut energy efficiency funding.
Quote MessageThis is nonsensical as this fund actually helps people to cut their bills and keep warm by draft proofing and insulating their homes. Cutting the fund simply means fewer homes will be kept warm. The number of people dying from cold in their homes is rising and this short-termist approach to that horrible fact will do nothing to help that."
He also cautioned that the announcement on the doubling of renewable energy spending "is not new money" - and criticised new support for fracking.
Motor insurance costs 'could fall by £50'published at 15:42
Insurance firm Aviva has said that changes in the Autumn Statement to the way people can claim compensation for whiplash could knock between £40 and £50 per year off motor insurance premiums.
Tory MP 'delighted' at tax credit U-turnpublished at 15:41
BBC News ChannelConservative MP Stephen McPartland - who campaigned against government cuts to tax credits - says he was "shocked" when he heard the policy would be abandoned completely. "But I'm absolutely delighted," he tells the BBC, adding that it's the chancellor's "victory" because he responded to people's concerns.
Builders boosted by Autumn Statementpublished at 15:40
Shares in house builders have risen sharply. Taylor Wimpeyis leading the FTSE 100, andPersimmonand Barratt Developmentsare also in the top five.
Laith Khalaf, a senior analyst at stockbrokers Hargreaves Lansdown says:
Quote MessageShares in housebuilding companies propelled the Footsie upward as the Chancellor announced a doubling of the government housing budget... However enthusiasm was tempered somewhat as the Chancellor announced a rise in Stamp Duty for buy-to-let landlords, which is likely to take a little shine off the housing market and which caused housebuilding stocks to fall back a touch."
McDonnell 'was making a statement' with Mao quotepublished at 15:31
Asked if the government should be borrowing more or less, Seema Malhotra says Labour would support borrowing for investment.
Is she a regular reader of Chairman Mao? Defending the shadow chancellor, who quoted from Mao's little red book, Ms Malhotra says he was trying to make a statement that Mr Osborne "shouldn’t be selling of the UK’s assets".
'Smoke and mirrors statement,' says Labourpublished at 15:30
Shadow chief secretary to the Treasury Seema Malhotra says George Osborne has failed on his fiscal targets and needs to be held accountable. She says Labour will look at the detail of the Spending Review, saying it is a “smoke and mirrors statement”.
Digital is 'a driver for change'published at 15:29
Joel Bellman, lead partner for digital government & public sector at Deloitte, welcomed the news about investment in digital technology and transformation projects across the public sector. He said digital transformation was now "fundamental" to the government’s thinking.
Quote MessageDigital has moved from being an experimental public policy concept to being one that is core to the new policies announced today. These include digital tax accounts, end-to-end justice reform, criminal investigation and even patient records. The additional £450m for the government Digital Service, whilst many Whitehall civil service teams are shrinking, shows the value that the chancellor puts on digital as a driver for change.”
Watch: Labour denounce 'smoke and mirrors' reviewpublished at 15:26
Media caption, Labour denounce 'smoke and mirrors' review
How GDP estimates and forecasts have changedpublished at 15:23
It's interesting to see just how variable GDP estimates and forecasts are over time, depending on how the Office for National Statistics changes its methodology. This OBR chart shows a big deterioration from 2010 to 2013, and then an improvement to today's figures.
Image source, OBRSend us your commentspublished at 15:18
Email: haveyoursay@bbc.co.uk
Jill Good
So Osborne says council tax can go up to help costs of social care. That's a double whammy for families paying care fees. Pay the fees and extra Council Tax. What a dodge.
Plaid and Greens criticise Osbornepublished at 15:15
Plaid Cymru leader Leanne Wood says there were "some snippets of good news" in the Spending Review and Autumn Statement, but adds that "overall people in Wales are going to feel worse off". Caroline Lucas, of the Green Party, describes it as a "missed opportunity", saying she wanted to see investment in energy efficiency.
'Changes to student finance is absolute outrage'published at 15:11
House of Commons
Parliament
Image source, Labour MPWes Streeting, a Labour MP, calls changes to student finance a "personal betrayal" and an "absolute outrage".
He says the changes were "regressive" and being applied "retrospectively" which meant nurses would have to "pay for the privilege" to work incredibly hard for low pay.
Mr Osborne points out it was a Labour government that introduced tuition and top-up fees. He calls the party "irresponsible", adding the changes allow the government to expand the number of student places.
Business reaction to Osborne statementpublished at 15:10
Carolyn Fairbairn, director general of the CBI, welcomes investment in the economy but warns of a "sting in the tail" for employers in the form of the government's apprenticeships levy.
Quote MessageBusiness recognises there are tough choices to be made in balancing the books, but many are reaching a tipping point, where the cumulative burden of the living wage, apprenticeship levy and business rates risk hurting competitiveness."
