Autumn Statement – Chancellor lays out plans on housing, jobs, apprenticeships and infrastructure

THE Government will build thousands more new homes, invest in roads and create one million jobs over the next five years, Chancellor George Osborne pledged in the Autumn Statement.

There was a promise too to fund three million more apprentices to tackle skills gaps in the economy, while financial support for key sectors such as aerospace and automotive were also maintained.

Further devolved powers and regional transport spending were pledged too – but there was nothing as meaty as the £11bn the Chancellor announced for transport in London.

TheBusinessDesk.com’s Autumn Statement coverage is brought to you in conjunction with accountancy and advisory firm Smith Cooper.

Smith Cooper’s head of tax Jackie Hendley said: “From a Midlands perspective there were a lot of positives from the Autumn Statement.

“The devolution plans were discussed further and the start of construction on HS2 confirmed and the Chancellor mentioned that the Midlands is creating jobs three times faster than London and the South East.

“As expected, George Osborne also mentioned new measures against tax avoidance which seem to be aimed at getting businesses to look at tax efficiencies that suit their business model rather than changing their business model to suit the tax scheme.

“Adding 3% stamp duty on buy to let schemes, where investors may be purchasing second or third homes, and getting them to pay capital gains tax within 30 days of the sale of the property may be seen as attacking investors who are seeking tax efficiencies.”