the chancellor’s autumn statement

The Chancellor of the Exchequer, George Osborne, set out details this morning of further action the Government will take to protect the UK from global instability and the Euro area crisis and build a stronger, more balanced economy for the future. In the context of a worsening economic situation on the European continent, the Chancellor said that economic growth will be lower, and borrowing and unemployment higher, than forecast in his Budget in March. The Chancellor unveiled a number of measures to spur economic growth and rebalance the UK economy including an additional £6.3bn of infrastructure spending on roads, railways, broadband, schools and housing, and up to £21bn towards credit easing for small and medium sized enterprises.

Rory said: “The Chancellor has brought a bold series of measures to remove red-tape and restrictions in our economy. This is vitally important. We learnt this morning that our debt challenge is even greater than we thought because the boom was even bigger, the bust even deeper, and the effects will last even longer than anyone had thought.

I was particularly pleased to hear him announce his support for the measures we have been championing and piloting in Cumbria. In particular, I welcome his confirmation that 90% of homes will get superfast broadband and 99% will get mobile coverage as well as his excellent credit easing scheme, which will reduce borrowing costs for SMEs – which employ 92 per cent of the private sector employees in Penrith and the Border. And I was particularly pleased that in response to our campaign and the debate last week, the Chancellor has cancelled the fuel duty increase planned for January. This will save British families more than £144 on filling up the average family car by the end of next year. But it will save Cumbrian families much more due to our sparse population, rural isolation and our dependence on the car.”