Autumn Statement 2011

The Autumn Statement sets out the Government's actions in three areas: protecting the economy; building a stronger economy for the future; and fairness. This document details plans for: public spending in 2015-16 and 2016-17; raising state pension age to 67 between 2026 and 2028; setting public sector pay awards at an average of one per cent for each of the two years after current pay freeze ends; GBP21 billion credit easing measures to support smaller and mid-sized businesses. To build a stronger economy, the Government is funding GBP6.3 billion of additional infrastructure spending, GBP1 billion of private sector investment in regulated industries will be supported by Government guarantee, and the Regional Growth Fund for England will be increased by GBP1 billion. Other measures on credit easing and enterprise include: up to GBP20 billion National Loan guarantee Scheme; investigation of alternatives to tribunal hearings; possible changes to collective redundancy processes; two proposals for radical reform of employment law; a Seed Enterprise Investment Scheme offering 50 per cent income tax relief on investments. Education will see an extra GBP600 million to fund 100 more free schools, and GBP600 million for local authorities with the greatest demographic pressures. Housing support includes a new build indemnity scheme to increase the supply of affordable mortgage finance and a revised right to buy scheme. Fairness measures cover fuel duty, rail fares, a Youth Contract worth GBP940 million, and extending the offer of 15 hours free education and care a week for disadvantaged two year olds.