Autumn statement
6 December 2013 Last updated at 09:18 ET

UK growth 'hides disappointing news'Chancellor carrying Autumn Statement

Think tank the Institute for Fiscal Studies warns that the increased growth announced in the Autumn Statement is just expected growth arriving early.


George Osborne at JCB factoryOsborne wants 'balanced' recovery

Chancellor George Osborne rejects claims the UK's economic recovery is based solely on a boom in consumer spending and house prices.

Balanced scalesZero borrowing forecast for 2018-19

The independent Office for Budget Responsibility (OBR) predicts that the government will not have to borrow any money in 2018-19.

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Thursday 5 December

The Autumn Statement is the second most important event in the UK's economic calendar. The chancellor updates the government's taxation and spending plans based on the latest predictions for the economy.

As It Happened

  1.  
    1600: Kabir Chibber Business reporter, BBC News

    That's it from us on the live page. Hope you've enjoyed our coverage of the Autumn Statement. To keep up with all of our analysis, visit our Autumn Statement special report. Join us for more tomorrow. The Biz Live team will be here from 06:00.

     
  2.  
    Via Blog Linda Yueh Chief business correspondent

    "The British economy is recovering with an eye-catching improvement in GDP growth. But the fine print in the forecasts from the Office for Budget Responsibility point to worrying trends in what's driving that growth." Read Linda's blog here.

     
  3.  
    ANALYSIS 1553:

    The Autumn Statement was full of challenges posed by the chancellor to Labour - but will this tactic succeed? Read the BBC's political correspondent Iain Watson's analysis of George Osborne laying down the gauntlet.

     
  4.  
    Via Email Phil Steventon, West Bromwich

    Regarding the Youth Unemployment and Welfare part of the statement, where Osbourne stated that those unemployed for more than 6 months will be forced to start a traineeship, work experience, or do community work, does that include already-existing voluntary work?

    I have been volunteering for Victim Support for the past 12 months now, and there has been no problem with it from anyone. However, with the provisions that this statement is mentioning, will my continuing voluntary work still be deemed as acceptable?

     
  5.  
    SCHOOLS 1542:

    Chris Keates, general secretary of the NASUWT, the largest teachers' union, says: "Once again the chancellor claims that school budgets will be protected. This would be welcome if it was true. Schools have faced not only real-terms cuts in funding since this coalition government came to office, but have also lost vital services on which they relied as a result of savage cuts to local authority budgets."

     
  6.  
    Via Email Rowan Hinder, Stroud

    I am a young man still in education, and I am a conservative supporter. I largely agree with Mr Osborne's autumn review, apart from the pension age rising. I worry whether or not I would even ever live to get a pension, with the age constantly rising. In 2040 I shall be in my mid-forties and stuffing money under my mattress so that I don't have to be concerned.

     
  7.  
    PENSION AGE 1535:

    Youth Fight for Jobs, a union-backed youth unemployment campaign set up in 2009, points out that the current retirement age is already above the life expectancy in many parts of the country. "Young people are disproportionately at the sharp end of these attacks on pensions," says spokesman Ian Pattison. "It is part of a toxic agenda that is leaving our generation on the scrapheap. At this rate, will young people like me, ever see retirement?"

     
  8.  
    Via Twitter Katie Morley, personal finance writer at Investors Chronicle

    tweets: "Difficult for young people to take pension cuts on the chin when MPs are STILL hanging onto their gold-plated pensions. #allinittogether"

     
  9.  
    1520: Via Blog Robert Peston Business editor

    points out that the OBR says the recovery is based on "the unexpected strength of private consumption", which has "largely come from lower saving, not higher income". This means people are spending money they don't have. "Which means that if the recovery is going to be sustained for any length of time, business investment has to bounce back after the many long years of stagnation, and exports have to recover." Read his full blog here.

     
  10.  
    1512: Kabir Chibber Business reporter, BBC News

    Thanks Sean. If you're just joining our coverage, why don't you read our handy guide on what the chancellor's latest statement means for you?

     

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