In the November 2015 Autumn Statement, the independent Office for Budget Responsibility predicted that the UK economy would grow by 2.4% in 2016.[1]
Budget announcements
Osborne will introduce a sugar tax on soft drinks from 2018, raising around half a billion pounds which will be used to fund after-school activities such as sport and art.[2]
The predicted GDP growth for 2016 was lowered to 2% from 2.4%.[2]
The tax-free allowance will be raised to £11,500 and the 40p tax threshold will increase to £45,000.[2]
There will be a new savings account, the Lifetime ISA, for the under-40s, with the government putting in £1 for every £4 saved.[2]
Funding was earmarked for High Speed 3 (an east-west rail line across the North of England), Crossrail 2 (a north-south rail line across London), a road tunnel across the Pennines and upgrades to the M62 motorway.[2]
VAT on tampons was to be cut from 5% to 0%, as soon as EU obligations allowed.[7] (The tax on women's sanitary products was abolished on 1 January 2021, when the transitional Brexit period expired.)
