On 25 November, HM Treasury published its Spending Review and Autumn Statement 2015. The speech sets out the state of the economy in the Autumn Statement and spending plans for the next four years in the Spending Review.
Some key points to note from the document are:
- A growth rate of 2.4% is forecast for 2015.
- The UK is the fastest-growing economy, alongside the US, since 2010.
- Last year, the deficit was halved compared to its 2009 to 2010 level. Next year, it will be down by three quarters.
- Over the next four years, the deficit will have been eliminated and the government will be running a surplus – raising more than is spent.
- Total spending to rise from £756bn this year to £821bn by 2019-20.