Autumn Statement – General

This week’s Autumn Statement has confirmed that our economy is growing. In fact the independent Office for Budget Responsibility has upgraded its forecast for growth in the current year from 2.7% to 3%.The UK now has the fastest growing economy of any of the major advanced economies in the World. Unemployment is falling and inflation is low and expected to remain low.
Of course crystal ball gazing when it comes to the economy is always a tricky task. There are so many variables. The deficit is still too large that is to say the Government is still spending more each year than it collects . Each year the shortfall gets added to the nations debts. In essence we are spending money today that we are expecting our children and grandchildren to repay. that is why it is essential we finish the task we have begun.
The Autumn Statement covered many areas of great importance not least was the revolution in stamp duty the tax we pay when we buy a house. from midnight last night 98% of all homebuyers will pay less tax and in Bury it will be virtually every home buyer.