Chancellor George Osborne, Autumn Statement spending review
In his 2015 Spending Review (the first to be delivered since 2010) and Autumn Statement speech, Chancellor George Osborne said that the government is delivering on its commitment to put both economic and national security first. He referred to this as being a ‘big Spending Review by a government that does big things’.
The main headlining announcement concerned tax credits. As confirmed in the Summer Budget, the Chancellor said that the £12 billion of welfare savings the government has committed to will be delivered in full in a way that helps families during the transition to the new National Living Wage. However, in a huge U-turn, the Chancellor went on to say that after listening to recent representations made concerning controversial cuts to tax credits, improvements in public finances mean that the proposed changes will not be phased in as planned but ‘avoided altogether’.