It’s already a day etched firmly in the economic calendar, but rarely has a Chancellor’s autumn statement had so much bearing on the lives of so many people.
On Wednesday George Osborne will unveil Government plans for tax, benefits and public spending, as well as giving “forward-looking statements” on the UK’s economic health.
Government departments will get their ‘settlements’ – how much cash they have to spend – which filter down into spending changes for policing, the NHS, and local services.
Big decisions on political power across the UK are also expected.
So who in Notts could end up facing a brighter future tomorrow and who could lose out?
Potential losers: Some tax credit recipients
Last month, the House of Lords delayed government plans to cut tax credits, handing a reprieve to an estimated 19,000 Nottingham households which receive the benefit.
But in tomorrow’s statement, Mr Osborne is expected to reiterate plans to cut them, while providing a ‘softer landing’ of measures beyond higher pay rates to help people better adapt to losing the money.
Michelle Dockerty, a welfare rights adviser at the Hope Centre, Broxtowe, says with around four our of five adults in her area currently getting some form of tax credit benefit, people are worried.
She said: “I’ve got people with severe mental health problems, people with big families, single parents, and older people. Many of them are already really struggling.
“Ultimately I want it to pay for them to be in work – for some of my clients just the wages they can get alone don’t pay the bills.”
Potential winners: Commuters
The East Midlands Chamber of Commerce, which represents businesses in Nottingham, submitted a number of policy ideas in their pre-autumn statement review.
They included plans to upgrade the UK’s railway network and taking the lead in the introduction of 5G technology.
Chamber chief executive Scott Knowles said: “The East Midlands holds the key to balanced and sustainable growth in the UK.
“The region is so balanced because of its geographic location, its sectoral spread and its strength in exports and sustainable in terms of its skilled jobs, business investment and productivity gains.”
- The autumn statement is an annual update on the government’s plans for the economy
- It will be delivered on November 25 2015, at about 12.30pm in the House of Commons
- Alongside the budget, usually delivered in March, it is one of the biggest financial moments in politics each year
- In the past the autumn statement has been seen as a simple update, but increasingly is seen as almost as important as the budget
- This year a spending review is being announced at the same time as the statement, which will include cash boosts for some Government departments, but cuts for others
Potential loser: The Notts-Derbyshire devolution bid (for now)
Devolution is also high on the chamber’s agenda.
Some cities are expected to get devolution deals, handing more government power and decisions on spending to local councils.
It is expected Nottinghamshire’s joint bid with Derbyshire for the change will not get a green light tomorrow – although a deal is considered close and dependent on a few final points of negotiation with Westminster.
Mr Knowles added: “Fixing our productivity puzzle requires significant investment in people and infrastructure, along with giving local areas greater control of their economic futures through devolution.
“Businesses across the East Midlands broadly support the devolution of powers from Whitehall which, if done properly, will drive greater efficiency, accountability and better results. However, it must be done for sound business reasons and not just for political gain.”
