Today is the day of one of the biggest set piece events in the Commons of the year. The Autumn Statement. everyone knows that the big picture is about how the Country moves to a position where it can start living within its means. we simply cannot go on spending more money than we get in. The last Labour Governed should never have allowed the national finances to get so far out of balance and as we are all finding it is very easy to spend more money. It is very difficult to save money. It is we will all know the detail before long it is not worth speculating on what might be announced. Instead here are some of the background statistics on the economy which provide the backdrop for the Autumn Statement.
Gross Domestic Product (GDP) grew by 0.3% in the first quarter of 2015. In other words the economy is growing
Inflation as measured by the Consumer Prices Index was -0.1% in October 2015. This is the first time inflation has fallen on an annual basis for 2 months in a row since the index was created in 1997.
The employment rate in the period July to September 2015 was 73.7%. This is the highest rate since comparable records began in 1971.
[Source House of Commons Library briefing]