George Osborne’s Autumn Statement: The main points

THE main points from the Chancellor’s Autumn Statement

• An extra £6.6bn cuts to welfare, overseas aid and Department spending to fund £5.5bn of infrastructure investment

• An increase in the personal allowance of £235 from April 2013, taking it to £9440

• Cancelling the 3p increase in fuel duty from the New Year

• A reduction in the lifetime allowance for pension contributions from £1.5m to £1.25m and a cutin the annual allowance from £50,000 to £40,000

• Working age benefits and tax credits to be limited to a 1% increase for the next three years - excluding disability and carers allowance

• Higher rate of income tax to be increase by just 1%, rather than inflation in the next two years, bringing more people into that band.

• A 1% cut in the main rate of Corporation tax from April 2014 to 21%

• A temporary increase in the additional investment allowance, from £25,000 to £250,000 for two years