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Summary

  1. UK growth forecast raised for this year to 3.0%
  2. Stamp duty cut for most home buyers
  3. New tax to stop big companies shifting profits offshore
  4. Borrowing forecast for this year raised to £91.3bn

Live Reporting

By Esther Webber, Ben Morris, Amber Dawson and Paul Harrison

All times stated are UK

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Ben Morris

Business Reporter

Well that's it. We hope you have enjoyed our coverage of the Autumn Statement 2014. There's bound to be more fallout tomorrow, so check in with the Business Live page from 06:00 on Thursday.

The pundits

The newspaper columnists are in agreement, the Chancellor has managed to present terrible news as a triumph. Ann Treneman of the Times, Fraser Nelson of the Spectator and Kevin Maguire of the Daily Mirror are agreed. "The numbers are terrible," says Mr Nelson.

Via Twitter

Robert Peston

Economics editor

"

How robust is government's claim that still on course to eliminate deficit thanks to lower interest & cut inflation?"

Stamp duty

BBC Radio 4

BBC Radio 4's Money Box presenter, Paul Lewis, tells the

PM programme: "Anyone buying home for less than £937,500 (and £1m-£1.125m) will pay less or same tax as now. Maybe saving £2000-4000 on average. At the top end you'll pay a huge amount more."

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Tweet @bbc_haveyoursay

Abi

tweets: Finally a policy I like. Loans for postgrad study! #victoryforstudents #AutumnStatement

Via Blog

Robert Peston

Economics editor

"

It is altogether plausible that wages could rise faster than the OBR expects, as could inflation and interest rates. In which case all its fiscal forecasts would be for the birds."

Deficit

BBC Radio 4

The head of the OBR is now on the

PM programme. Eddie Mair asks Robert Chote, has the deficit halved? "We would tend to look at these things as a share of GDP and it has moved from 10% of GDP in 2009-10 and that has now roughly halved." So there you have it.

Via Twitter

Anthony Reuben

Head of Statistics, BBC News

"

OBR warns public spending heading to 80-year low"

Further austerity

BBC News Channel

We are "halfway through a ten year fiscal repair job," says Robert Chote, chairman of the Office for Budget Responsibility on the BBC News Channel. The next parliament will see a "very sharp squeeze" on spending, he predicts. He adds that we have seen 40% of the necessary cuts in this parliament and the next 60% would come under the next parliament.

Send your reaction

Email:HaveYourSay@bbc.co.uk

John Alcock from Weston Super Mare emails: How exactly are the government calling the stamp duty a cut for 98% of people? They've DOUBLED the stamp duty cost for the AVERAGE home!! They haven't changed any of the thresholds either? I'm currently looking to buy a house for £175,000, now my stamp duty cost has gone from £1750 to £3500!! Thanks for that CUT in stamp duty!!

Labour reaction

BBC Radio 4

Mr Umunna goes on to tell the

PM programme: "People are £1,600 a year worse off than they were in 2010. The reason the chancellor hasn't met his target for the deficit is because people haven't had a pay rise and that's meant lower tax receipts. You've got to do something about people's wages."

Labour reaction

BBC Radio 4

Chuka Umunna, the shadow business secretary, tells the

PM programme Labour backs the stamp duty changes, they're studying the air passenger duty change that exempts under-12s from the tax when flying abroad, but it looks like a welcome measure and he thinks the 25% tax being introduced on offshore profits is a good idea.

Send your views

Emails: HaveYourSay@bbc.co.uk

Chris Smith emails: "I'm livid! Two weeks ago I purchased my first house house for £265k and paid £8k tax. If I had completed two weeks later I would have paid over £4k less. Do I get a refund?!!! Probably not."

Future austerity

BBC News Channel

On the BBC News channel, Huw Edwards asks where big cuts to government spending are going to come from. Neither guest is specific. Treasury City Minister Andrea Leadsom says the government has "credible plans" and growth and existing measures will help reduce the deficit. Labour's shadow work and pensions secretary, Rachel Reeves, says Labour would eradicate the deficit by the end of the next Parliament and review all spending.

Stamp duty

BBC Radio 4

Danny Alexander, chief secretary to the Treasury, tells the

PM programme: "I strongly support the stamp duty reforms. It's been Liberal Democrat policy for years. It will mean less financial pressure on people buying homes. People buying an average home would pay £4,000 less under this system. But we still want to bring in a mansion tax."

Get involved

Email: HaveYourSay@bbc.co.uk

Geoff Hendry emails: "What about people buying on shared ownership. My daughter has recently bought a 50% share for £200,000 and paid Stamp Duty at 1%. Under the old system if/when she buys the remainder she would have to pay Stamp Duty on the remaining value of the property at that time thus at current prices. Under the new system, buying the property would cost 2% x £125,000 + 5% x £150,000 = £10,000 thus £2000 cheaper but since she has already paid at the earlier (higher) rate which would apply in future?"

Via Blog

Louise Cooper

CooperCity blog

Sterling notes
PA

"The reason why Osborne is predicting a budget surplus in 2018/19 - a year earlier than the city had expected - is because he is assuming borrowing costs will be lower. What he is doing is cutting his forecasts for gilt yields - market determined interest rates. But no one knows what the UK government will have to pay to borrow in five years time. No one!!!!! It is at best a guess and yet it is only thanks to this guess that borrowing is looking better than had been feared."

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Email:HaveYourSay@bbc.co.uk

Bob Holloway emails: Does Ed Balls think that people in this country do not have a memory. Very hypocritical comments about the "Balancing of the books is in tatters". Oh yes, it's Labour who forget this country was in a hell of a mess five years ago.

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Tweet @bbc_haveyoursay

David Rigby

tweets: How many times have we heard govt claiming it has closed stamp duty loopholes? #AutumnStatement #ukhousing

Get involved

Email: HaveYourSay@bbc.co.uk

Marc Gourley emails: Terrible news!! I've just completed on my first house and to find out that if I had waited until tomorrow, Stamp duty would have been £5,899 instead of what I paid.... £12,598!!! Is there any form of sensible rebate???

Send your views

Email:HaveYourSay@bbc.co.uk

Alex Williams emails: I exchanged on a flat last Friday, I'll complete in a week. George Osborne just saved me £4200 in stamp duty, he has my vote!

Stamp duty

Is getting everyone talking. Stand by for a flurry of views...

Technology tax

Law firm Eversheds says this about the new tax designed to stop firms diverting profits offshore to avoid tax: "The new diverted profit tax is a bit surprising: the UK is clearly taking a lead here and putting its marker down: effectively jumping ahead of the OECD BEPS initiative. Quite how it will operate will remain to be seen. Sceptics may think it is just a headline grabber."

UKIP Autumn Statement reaction

UKIP economic spokesman Patrick O'Flynn MEP accused George Osborne of resorting to "smoke and mirror politics" to pretend the UK's budget deficit was under control. Mr O'Flynn said the coalition "lacked the appetite to restrain pending" and described the bill for foreign aid and investment in alternative energy as "huge and unaffordable".

Via Twitter

Douglas Fraser

Business and economy editor, Scotland

tweets: ."@ScotTories attack gap between new Stamp Duty + Scots Transaction Tax. For £350k home: England £7500, Scotland £12,300. #AutumnStatement" Big difference indeed.

Stamp duty warning

Houses in Brighton
PA

Capital Economics emails saying the stamp duty changes could inflate a section of the housing market: "Reforming stamp duty land tax from a slab to a graduated system is certainly an improvement, and should give a short-term boost to housing transactions. But it will also give another boost to overvalued house prices (at least those beneath £1m), and offer no lasting benefit to first-time buyers."

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Email: HaveYourSay@bbc.co.uk

Katie Fox emails: How is this any good for the housing market? It just makes the rich richer. I am a manager of an estate agents where most of our properties are between £200-550k. At the moment the dreaded leap between from 1% to 3% causes a problem for those unfortunate sellers in that bracket. How will making it now either 2% or 5% help move that market? It will simply encourage less people to buy (or sell).

SNP reaction

Stewart Hosie
BBC

SNP Treasury spokesman Stewart Hosie argued the statement showed "why the SNP are right to call for more powers for Scotland", saying what the chancellor had outlined was "merely a continuation of a failed austerity programme".

"Tory policy has strangled the recovery and with £75bn of cuts to come we are on track for a decade of austerity," he added.

Get involved

Email haveyoursay@bbc.co.uk

Andrew Smith in London emails: Rich Hinchliffe (14.25) has probably misunderstood the new stamp duty rates. To end up with a 66% increase in stamp duty, he would have to buy a property for well in excess of £10m.

Tax system

Professor Philip Booth, programme director at the Institute of Economic Affairs, said: "Almost every measure in the Autumn Statement made the tax system more complex, or involved spending promises motivated by interest groups at the expense of the long-term economic interest of the country."

He also described the proposed sovereign wealth fund for the north of England as "completely misguided" and called for any shale gas revenues to be used to reduce taxes or government debt.

Via Twitter

Anthony Reuben

Head of Statistics, BBC News

"OBR:

60% of cuts in spending on public services to come in next Parliament, taking it to lowest for 80 years by 2020."

Stamp duty

Am I better off under these new, stepped stamp duty rates?

Find out here. Quick as a whippet, is HMRC.

Angie Bray, Conservative MP for Ealing Central and Acton

@AngieBrayMP

The Conservative MP for Ealing Central and Acton

tweets: Great to hear £2bn more for NHS confirmed in Autumn Statement. £1.2billion funded by bankers' penalties to upgrade GP surgeries.

Bankers

Anthony Browne
Getty Images

Rules allowing banks to offset losses made in the financial crisis against future profits will be tightened and banks could pay some £4bn extra in tax. But the industry body the BBA is putting on a serene face. Chief executive, Anthony Browne, says stoically: "Banks contribute more than £25bn each year to the nation's public finances - enough to pay the salaries of around half a million nurses. It is absolutely right that this important industry pays its fair share of tax, but it is important to note that where banks have offset losses they have done so legally, just as all other businesses can."

Earnings

"We have been disappointed by earnings growth but there are tentative signs that that is turning around," Mr Chote said earlier. But he added the OBR doesn't expect earnings to hit pre-crisis levels until nearly 2019.

How does this affect me?

Balance sheet paper
BBC

Find out

here. Personal finance's golden boy, Kevin Peachey, answers your main questions.

Business rates

"Councils have been urging government to overhaul business rates and remove the obstacles which prevent us from supporting high street shops, small firms and new start-ups as much as we would like to. It is encouraging news for business that the chancellor has listened," said Councillor Claire Kober, chair of the Local Government Association's Resources Board, in response to the announcement of a business rates review.

Stamp duty

In the Commons, MPs were getting a bit grumpy that the legislation underpinning changes to stamp duty has been introduced so quickly. William Hague, who's in charge of the parliamentary timetable, stressed that MPs will get a chance to debate the measures in more depth on Thursday.