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Business News 05 Dec 2012

Chancellor set to reveal Autumn Statement measures

Chancellor George Osborne will deliver the 2012 Autumn Statement to the House of Commons today, with many economists predicting that the Office for Budget Responsibility will cut its economic growth forecasts for the UK, and that the Chancellor has failed to meet his 'golden rules' on the economy.

However, the Chancellor is likely to insist that turning away from the current course would spell 'disaster' for the UK.

The Chancellor has already confirmed that higher earners will need to 'bear their fair share', and many experts have speculated that tax relief on pension contributions could be a key target, with some suggesting that the annual cap on contributions could be cut from £50,000 to £30,000.

Business groups have urged the Chancellor to include a range of measures aimed at boosting enterprise, and many organisations have called on the Chancellor to announce a freeze in the planned 3p a litre increase in fuel duty, which is due to take place in January 2013.

We will be updating our website following the Chancellor's announcements, so be sure to visit the site regularly.

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