As the UK recovers from the most severe financial crisis in generations, the Autumn Statement 2011 could only focus on one objective; strengthening the economy.
As expected, the Office for Budget Responsibility downgraded its growth forecasts, and revealed that Government debt is higher than expected; meanwhile the sovereign debt crisis in Europe adds external pressures over which we have little control.
As a result, announcements spanned from protective measures such as raising the state pension age to reflect an ageing society, to the much anticipated credit easing, designed to reduce the cost of loans to small businesses and easing access to funding.
Other significant announcements included the National Infrastructure Plan, which will see up to £30 billion of new capital investment pumped into the key challenges in energy, transport, telecommunications, waste and water, while a new housing strategy looks set to ease lending to first time buyers.
This area of our website provides a concise summary of the announcements made in the Autumn Statement. Please read our reports using the links provided, and contact us if there are matters arising that are pertinent to you or your business.
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