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Chancellor George Osborne announced the spending plans for the next four years in the Spending Review and the current state of the economy in the Autumn Statement.

According to the Office for Budget Responsibility, public finances are set to be £27 billion better off by 2020.

It was revealed that the government is expected to borrow £8 billion less than forecast due to it hoping to secure £10.1 billion budget surplus by 2020.

The statement brings disappointing news for transport, energy, business and the environment as resource budgets will fall by 37%, 22%, 17% and 15% respectively.

In terms of policing in England and Wales, there are not any plans to make any cuts but the government aims for a rise in spending by £900 million by 2020.

From April 2017 there will be a two-child limit on child tax credit claims and the family element of tax credits will be scrapped for new claimants.

Healthcare is vital for any country and so the health budget will rise to £120 billion by 2020-21, which now stands at £101 billion. The NHS in England will receive an upfront cash injection of £3.8 billion next year as part of £8 billion added funding between next year and 2020-21.

The education budget will rise by £10 billion by 2020 and there will be a new 30-hour free childcare subsidy for parents of three and four-year-olds but this will be limited to parents working more than 16 hours each week.

From April 2016, there will be a 3% surcharge on stamp duty for buy-to-let properties and second homes however, there are plans to hand £2.3 billion to private developers to build 400,000 new homes in England.

State pension will rise by £3.35 a week to £119.30 next year and each individual and small business will have their own digital tax account by the end of the decade.

Transportation could be on the mend with capital funding of transport projects set to rise by 50% by 2020 and £250 million to make sure motorways and other roads in Kent are supported.