Briefing 40: Spending Review and Autumn Statement 2015

Stockport Viaduct

The Chancellor has used improvements in forecast tax receipts and new taxes on business (apprenticeship levy), students (via the student loans system) and categories of homeowners (changes to stamp duty on second homes and buy to let investments) to pay for increased health spending, housing and science investment and to avoid big cuts in the policing budget. Earlier announced welfare changes (working tax credits) have been abandoned but welfare reform is still planned in relation to housing benefit, pension credit and universal credit where entitlements will be restricted and payments reduced with the result that by the end of the Parliament benefit spending excluding pensions will be at its lowest as a share of national income for 30 years.

Download the full report for more analysis by New Economy on the Spending Review and Autumn Statement.

Image © Nico Hogg