Spending Review and Autumn statement: key points

George Osborne sits down after delivered his joint Autumn Statement and Spending Review. Picture: PA

• The Chancellor announced he is to scrap planned cuts to tax credits for millions of low paid workers.

• He ruled out any cuts in police budgets in England and Wales.

• Mr Osborne told the Commons welfare savings totalling £12 billion will be “delivered in full... in a way that helps families”.

• Debt forecast is to be 82.5% of national income this year, down from 83.6% at time of July Budget, Mr Osborne said. Debt is to fall to 81.7% next year, then 79.9% in 2017/18, 77.3% in 2018/19, 74.3% in 2019/20 and 71.3% in 2020/21.• The Government will borrow £8 billion less than forecast and spend £12 billion more on capital investments.

• He said the deficit is to be 3.9% of national income this year, then 2.5% in 2016/17 and 1.2% and 0.2% in subsequent years, before moving to surplus of 0.5% in 2019/20 and 0.6% the following year.

• Borrowing forecast for this year is cut from £74.1 billion to £73.5 billion, falling to £49.9 billion, £24.8 billion and £4.6 billion in subsequent years, reaching a surplus of £10.1 billion in 2019/20 and £14.7 billion in 2020/21.

• State spending to hit 36.5% in five years - down from 45% in 2010.

• There will be public spending of £756 billion this year, then £773 billion, £787 billion, £801 billion in subsequent years, reaching £821 billion in 2019/20 and £857 billion 2020/21.

• The NHS is to deliver £22 billion efficiency savings in England and Department of Health to cut 25% from its Whitehall budget.

• The Chancellor confirmed a commitment to £10 billion real terms increase in the health service budget delivered in full, with the first £6 billion delivered up front next year. NHS budget to rise from £101 billion today to £120 billion by 2020/21.

• An additional £600 million will be spent on mental health.