Sunday, June 23, 2024

George Osborne visits South Ockendon to defend budget" "Not a sign of weakness"

THE CHANCELLOR of the Exchequer, George Osborne, came to South Ockendon on Thursday morning to defend a number of decisions regarding the Autumn Statement.

The chancellor was in a new Persimmon building project on Arisdale Avenue.

He told there BBC: "I don’t think it’s a weakness in politics to listen when people raise points with you"

He made the comments in light of decisions in relation to working tax credits, cuts to the police budgets in his statement in the House of Commons on Wednesday afternoon.

He added: "I am proud that we have the country in a better place from five years ago."

Building projects are a key part of his economic policies with plans for over 400,00 new homes

Chancellor George Osborne launched the largest new home building programme for 40 years in the Autumn Statement.

Osborne revealed he will double the housing budget to £2bn per year as he targets 400,000 news homes by 2020, after citing the success of the Help to Buy scheme in getting people who rent on to the property ladder.

Autumn Statement in short

Planned £4.4bn cuts to tax credits watered down, with changes to income thresholds and taper rates due in April abandoned

Office for Budget Responsibility says public finances set to be £27bn better off by 2020 than forecast

Government expected to borrow £8bn less than forecast as it aims to secure £10.1bn budget surplus by 2020

Total spending to rise from £756bn this year to £821bn by 2019-20

State spending – as a share of total output – to fall to 36.5% in 2020, down from 45% in 2010

Overall day-to-day departmental spending to be cut by £20bn, equivalent to 0.8% of total expenditure each year by 2020

Policing, health, education, international aid and defence budgets protected

Transport, energy, business and the environment among biggest losers, resource budgets falling by 37%, 22%, 17% and 15% respectively


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