As always there is much scrutiny after every budget and indeed after every autumn statement. Everyone trying to second guess the forecasts that have been made and putting their own spin on things.
Overall very little changes as a result of the autumn statement. In essence the government are going to be borrowing more money (around £23 billion) to spend on capital projects – infrastructure – through a new National Productivity Investment Fund. This will of course add to the mountain of debt and consequently increase interest payments.
On day-to-day spending there were some changes which have made the headlines such as reducing the taper rate for those on Universal Credit meaning working families will keep more of what they earn as their earnings increase. The big earner for the government on the income side is the increase from 10% to 12% in Insurance Premium Tax.
It still imperative the nation lives within its means and that means the government continuing to control public spending and protect the tax base i.e. Ensure everyone pays what they should. There were yet more measures announced yesterday to help in the constant battle between taxpayer and tax collector.