Autumn Statement: help to households
To help households and businesses cope with higher inflation, and to ensure the deficit reduction plan is implemented fairly and support young people in the labour market, the Chancellor announced in the Autumn Statement that the Government will:
- defer the 3.02 pence per litre fuel duty increase due to take effect on 1 January 2012 to 1 August to 1 August 2012; the second increase planned for 1 August 2012 will be cancelled;
- increase the Bank Levy to 0.088 per cent from 1 January 2012 to ensure it raises at least £2.5bn each year, as set out at Budget 2011;
- limit the increase to Transport for London and regulated rail fates to inflation, measured using the retail price index, plus one per cent for one year from 2012;
- provide extra support from Jobcentre Plus for unemployed 18-24 year olds; and
- via a new Youth Contract worth a total of £940 million:
- provide an offer of work experience or Sector Based Work Academy place for every unemployed 18-14 year old who want one after three months on Jobseeker’s Allowance;
- fund wage incentives for 160,000 young people to make it easier for private sector employers to take them on.
The Government will also invest a further £380m a year by 2014-15 to extend its new offer of 15 hours free education and care a week for disadvantaged two year olds, to cover an extra 130,000 children. This is in line with the Government’s plan to tackle the causes of child poverty.
View the Government’s announcements on the other key themes for the Autumn Statement:
