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Autumn Statement What to expect from George Osborne today

Andrew GriceDec 03, 2014 George Osborne is set to give his Autumn Statement to the Commons today. Here's what to expect.

Already announced

£15bn into UK roads in the next parliament, including Stonehenge tunnel for A303 to West Country£2bn of extra funding for the NHSGarden City for Bicester

Likely

GDP forecast upgraded from 2.7 per cent to 3 per cent (2014), 2.3 per cent to 2.5 per cent (2015)Borrowing for 2014/15 revised up by £10-£15bn due to weak tax receiptsNorthern Ireland given power to set its own corporation tax rate

Possible

Working age benefits frozen to 2018Reforms for business ratesPension reforms to include tax cuts for widows and widowers with annuities to inheritNo air passenger duty for childrenRhetoric, but no action, on increasing income tax personal allowance to £12,500 by end of the next parliamentRhetoric on boosting competitiveness for manufacturingExport-boosting policiesClampdown on tax avoidance for loans and derivativesReview of tax treatment for North Sea oil exploration

Leftfield

Reform to inheritance tax rules, bringing nil-rate band from £325,000 (£650,000 for couples) to £1mReforms to the controversial “patent box” super-low tax treatment for patented products Measures to encourage philanthropic giving to community projectsMore:Six ways Osborne is going to try to trick you in his Autumn StatementMore:Autumn Statement: Six charts George Osborne doesn't want you to see

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