And 450 million will also be spent on trialling railway digital signalling technology which will expand capacity and improve reliability. 1 billion to invest in full-fibre broadband and trialling 5G networks Investment will support the private sector to roll out more full-fibre broadband by 2020-21. Funding will also support trials of 5G mobile communications. And from April 2017, the government will also provide a new 100 business rates relief for new full-fibre infrastructure for a 5 year period. A major increase in research and development funding for universities and businesses with r d projects to help the uk remain an attractive place for businesses to invest in innovative research. This will back scientific research and development of technologies such as robotics, artificial intelligence and industrial biotechnology. More money for Scotland, wales and Northern Ireland Scotland, wales and Northern Ireland will receive more money which can be spent on infrastructure projects, with each devolved administration deciding where this will be spent.
Autumn, statement 2016 - the impact on employers - nhs employers
A new National Productivity Investment Fund resume to provide 23 billion of additional spending, ensuring the uks economy is fit for the future. The national Productivity Investment Fund (npif) will provide major additional spending in areas that are key to boosting productivity: transport, digital communications, research and development (r d and housing. 2.3 billion for a new housing Infrastructure fund. The fund will be used for projects such as roads and water connections that will support the construction of up to 100,000 new homes in the areas where they assignment are needed most. On top of that,.4 billion will be used to provide 40,000 new affordable homes, including some for shared ownership and some for affordable rent. And another.7 billion will be used to speed up the construction of new homes on public sector land. 390 million investment in future transport technology 390 million will go to future transport technology, including driverless cars, renewable fuels and energy efficient transport. This will include: 100 million investment in testing infrastructure for driverless cars 150 million to provide at least 550 new electric and hydrogen buses, reduce the emissions of 1,500 existing buses and support taxis to become zero emission 80 million to install more charging points. A major new investment in transport infrastructure As part of the national Productivity Investment Fund, this will cover:.1 billion to reduce congestion and upgrade local roads and public transport 220 million to tackle road safety and congestion on Highways England roads 27 million. This allows companies to deduct the cost of the charge-point from their pre-tax profits in that year.
This will stop tenants being hit with fees averaging 223 per tenancy. The government will consult on this in due course. Cracking down on pensions scams. A consultation before Christmas will look at ways to tackle pensions scams, including banning businesses from cold calling someone about their pension. This includes scammers targeting people who inadvertently opt-in to receiving third party communications. Over 102 million of libor banking fines to support armed forces for and emergency services charities. Libor fines are collected from banks who break banking rules, and are given directly to causes benefitting armed forces and emergency services charities. 102 million will go to more than 100 projects supporting armed forces personnel, their families and veterans; emergency service personnel; childrens hospitals, air ambulances and emergency responders; and museums and memorials, over the next 4 years. Investing in infrastructure and innovation to improve long-term productivity.
In Universal Credit, as a short persons income increases, their benefit payments are gradually reduced. The taper rate calculates the reduction in benefits as a persons salary increases. Currently, for every 1 earned after tax above an income threshold, a person receiving Universal Credit has their benefit award reduced by 65p and keeps 35p. They will now keep 37p for every 1, from April 2017. Three million households will benefit from this change: a single parent with one child and not receiving support with their housing costs earning 15,000 a year will benefit by 170 a year a couple with two children receiving support with their housing costs, where one. A ban on letting agents charging fees to renters. Letting agents will no longer be able to charge renters fees, for example when they sign a new tenancy agreement.
Once the personal Allowance reaches 12,500, it will increase in line with inflation. The national living Wage and the national Minimum Wage will increase from April 2017. The national living Wage for those aged 25 and over will increase from.20 per hour.50 per hour. That means over 1,400 a year more for a full-time worker previously on the national Minimum Wage. The national Minimum Wage will also increase: for 21 to 24 year olds from.95 per hour.05 for 18 to 20 year olds from.55 per hour.60 for 16 to 17 year olds from.00 per hour.05 for apprentices. And.3 million will be spent on: helping small businesses to understand the rules cracking down on employers who are breaking the law by not paying the minimum wage. The Universal Credit taper will be reduced from 65 to 63 from April 2017.
The, autumn, statement : What does It mean For HR?
New fiscal targets are needed to provide the flexibility to support the economy and create space for more investment in roads, rail, research, and housing. The government has therefore set new fiscal targets which aim for 2 underlying deficit and debt falling by 2020, and a balanced budget as soon as possible thereafter. Building an economy that works for all. Fuel duty will remain frozen for a seventh year. In 2017, fuel duty will remain frozen for the seventh successive year, saving drivers 130 a year on average. A new three-year ns i investment Bond available from spring 2017. To support savers, ns i will offer a new three-year Investment Bond with an indicative rate.2 from spring 2017.
The bond ream will offer the flexibility to put away between 100 and 3,000 and be available to those aged 16 or over. Committing to raise the personal Allowance to 12,500 and the higher Rate Threshold to 50,000 by 2020-21. The personal Allowance is the amount of income you can earn before you start paying income tax. It is currently 11,000 this year, and will rise to 11,500 in 2017-18. The point at which you pay the higher rate of income tax will increase from 43,000 this year, to 45,000 in 2017-18.
So when universal credit is fully rolled out, many associations could well find more of their tenants are finding it more difficult to make ends meet resulting in more pressure on rent. These are not insignificant amounts either, a single parent with 2 children could lose in excess of 2,000 a year as resultof these universal credit cuts, even if they work full time. So when will Universal Credit be rolled out? It has been revised multiple times already and many believe it will also be delayed in the future too. However, housing Associations should be looking not so far down the road after the Chancellors u-turn on tax credits for a squeeze on income for some of their tenants.
It is now that housing Associations need to understand the make-up of their tenants, how many will be affected by these coming changes in Universal Credit? Because the 1 rent reduction means many are already questioning the services they offer, now their tenants will experience an acute change in their circumstances too and social landlords need to address this before Universal Credit is fully deployed, as the tax credit u-turn. The budget carried other points of interest such as the right to buy (RTB) trial starting with five associations and the london help-to-buy housing scheme, but what will this statement be remembered for? The tax credit u-turn, but lest HAs forget that is only suspending the pain, but the main point will be the target of building 400,000 new affordable homes for rent or sale by 2020. If already the set targets are being derided on the start line and finance commentators point to different issues that could prevent the 400,000 being achieved then you can expect an almighty fall out in 2020 and fingers being pointed by all parties. New economic forecast, the uk economy is forecast to be the fastest growing major economy in 2016, but the Office for Budget Responsibility has forecast growth to slow and inflation to rise over the next two years. But growth remains positive and employment continues to rise in each of the next 5 years, with half a million more people forecast to be in work by 2021. Debt falling by 2020, the government has cut borrowing by nearly two-thirds since 2010, but will no longer aim for a budget surplus (where more tax is raised than is spent) by 2019.
Scottish Politics and the referendum - all the latest news, aggregated
However, some commentators expressed concern that housing associations would not essay be able to meet this target due to the housing benefit cap that the Chancellor announced. The rate of housing Benefit in the social sector will be capped at the relevant local housing allowance in other words, the same rate paid to those in the private rented sector who receive the same benefit. Anthony lee, head of Financial viability Advisory fruit services at bnp paribas real Estate, explained to the bbc that he had concerns over the viability of new developments because of the cap. Limiting housing benefit will reduce the amount that housing associations can pay to developers for new stock delivered through Section 106 agreements. This will adversely impact on viability of developments and result in a falling percentage of affordable housing. So the mood is already bleak about achieving that target, due to planning and other reforms so in four years time expect more conflict between the government and housing sector about missed targets. There was plans to cut tax credits to reduce the amount people can earn before benefit was withdrawn, on which the chancellor made a much publicised u-turn, but lets not forget this will still happen under universal credit.
But what of the apocalypse? Well, it never quite happened, and one director, we spoke with, summed up the mood quite succinctly, with Is that it? But the dust has settled and has anything been missed? Well housing handwriting played a central role in statement, and the positive was that the chancellor doubled the housing budget to 2bn a year, with the aim of delivering 400,000 affordable new homes by 2020. Mobysoft sponsored the housing Chief Executive conference which happened to be the day after Autumn Statement, happy coincidence or fantastic planning, Im not sure, but the 400,000 figure was derided by many in the room. Clive barnett, managing Director and head of housing Finance at royal Bank of Scotland stated they can fund the development of 450,000 homes and housing Associations can build them but this target is unreachable because of the current planning policy, as we tweeted on the. Is this target realistic, well in 2014 housing Associations built 40,000 homes so that is increasing that.5 times each year for the next four years. The funders and house builders have lobbied government about transforming the planning process with, it appears, limited success.
Published 5 December 2013, close, help us improve, to help us improve, wed like to know more about your visit today. Well send you a link to a feedback form. It will take only 2 minutes to fill. Dont worry we wont send you spam or share your email address with anyone. Dont have an email address? The housing sector was waiting for the apocalypse when the autumn Statement was announced in the house of Commons by george Osborne. Ft had lead the way with the 2 rent reduction cut rumour, this seemed to have spread stoicism and downright despair in equal measure throughout the sector.
I fear your grim conclusion that the average worker is in for 15 lost years will seem optimistic if the economy suffers another crash caused by continued dependence on unreformed banking and consumer spending. Patrick renshaw, sheffield, george Osborne has a curious idea about his plan "working". According to the obr, business investment will have fallen.5 in 2013. Tackling the government deficit? His own forecasts expect net government borrowing in the next financial year (96bn) of double his forecast three writing years ago. Helping the average wage earner? Retail price increases will climb over the next four years to 4, leaving average earnings trailing behind again next year. And what about our growth path?
Parliament UK: Topics: Economic situation page
Your editorial on the chancellor's autumn statement (6 December) points up many crucial questions about Britain's welcome essay but weak economic growth. What you do not say is how crucial has been the failure to rebalance the economy. Weaning it away from heavy dependence on banking and finance towards manufacturing, exports and housebuilding was central coalition policy in 2010. Yet recovery is still heavily dependent on consumer spending and rising house prices, largely in London and the south-east. Taken together with recent record fines imposed on the world's biggest banks for rigging Libor, it seems clear that, like the bourbons, we have learned nothing and forgotten nothing. That annual borrowing is 111bn compared with the original target of 60bn speaks volumes. Moreover, public rage about utlility prices and failure to build sufficient affordable homes show we are finally reaping the harvest of Thatcherite privatisation and council tenants' "right to buy". What became of the confident promise that competition between private utility companies would drive down the price of electricity, gas and water?