When the Conservatives came to power in 2010 (with the Lib Dems), government spending took up 45% of national income. According to Chancellor George Osborne, it now takes under 40% and is forecast to reach 36.5% by the end of the Spending Review.
Spending less does not mean poorer services, he told Parliament, far from it. He then explained how he would square this tricky circle. Here’s a summary of his Autumn Statement.
The apprenticeship levy is to be set at 0.5% of employers' pay bill. This should raise £3 billion a year. There will however be a £15,000 allowance, so "98% of employers" will not pay.
This content requires a Croner-i subscription.
Existing subscriber? Log in
Contact us to discuss your requirements.
0800 231 5199
Croner-i is the trusted source of expert guidance and time-saving tools.