We’re not cutting the deficit fast enough and we need to do more. There’s ‘no miracle cure’ to fix our economic ills. That’s what the Chancellor George Osborne will be saying this lunchtime in his Autumn Statement. He’s gotten his head together with the PM, David Cameron and it’s now time to issue his half-yearly review of Britain’s budget. It’s very likely he’ll say we’ve missed the targets for paying off our debts so far.
So what else can we expect? A mix of good news and bad news. The Bad? We’re in line for more cuts to welfare and government spending because our economy’s been growing a lot slower than anticipated. So to find a further £5 billion in cash, four Whitehall departments are being asked to cut what they spend by 1% next year and 2% in 2014. The Good? In turn, the money from those savings will be ploughed into building new academies and free schools and get some new transport schemes going. Osborne also wants to get tougher on people and firms who evade paying tax. And, for British drivers, he’s kicking into touch that planned 3 pence petrol price hike next month.
Written and presented by Marverine Cole