Autumn Statement 2012: As it happened

Key points

  • George Osborne said austerity measures would continue a year longer to 2018, but Britain was "heading in the right direction"
  • Shadow chancellor Ed Balls said the government had failed and the average family was £20,000 worse off since it came to power in 2010
  • Some benefits will rise less than the rate of inflation and higher earners will have to pay more tax on pension savings
  • The 3p rise in fuel duty planned for January has been cancelled
  • The main rate of corporation tax will fall from 22% to 21% from April 2014
  • An extra £1bn will be spent on road improvement schemes and the Business Bank will get £1bn to try to boost growth

Live text

Reporting:

  • Sarah Bell 
  • Catherine Wynne 
  • Edwin Lane 
  • Martha Buckley 

Last updated 5 December 2012

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