Britain to extend austerity to 2018 as faltering economy goes into reverse
In a bleak autumn statement to the House of Commons, the chancellor announced a £3.7bn (€4.5bn) squeeze on welfare and a £1bn raid on the pensions of the wealthy, as he admitted that the nation’s deficit will not be eliminated until well into the next parliament.
He sought to sweeten the pill by scrapping a planned 3p-a-litre rise in fuel duty which had been due to come in January, cutting corporation taxby 1% and introducing changes to tax thresholds which will see earnings below £9,440 taken out of income tax altogether.
