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Chancellor’s Autumn Statement – good news for people of RCT and Wales

December 5, 2012 6:20 PM

The coalition UK Government delivered some more good news today as the Chancellor made his Autumn Statement.

Pensioners, neglected for far too long under the previous Labour Government will get another rise of £2.70 a week in the basic state pension from next April. This is thanks to the 'triple lock' - part of the Liberal Democrat manifesto and compares very favourably with the derisory rise seen under the previous Government of just 75p a week. 640,000 pensioners in wales will benefit from this.

Yet another increase in the personal income tax allowance will see another 13,000 earners lifted out of paying income tax altogether and see another 1.1million paying less tax.

1.8m drivers in Wales will benefit from a decision to cancel the 3p rise in fuel duty planned for January. This is of course also good news for businesses.

The Welsh Government will see its capital budget boosted to the tune of £227 million to help rebuild infrastructure and boost the economy. We hope the labour Government there use it wisely.

Yes there was some news that none of us would have wanted to hear. Economic growth is not happening as we would like, and is certainly a cause for concern, as is the news that the debt level is not falling as yet. This is offset slightly by reports that unemployment is expected to peak at 8.3%, lower than the previous prediction of 8.7%, employment looks set to rise in each year of the parliament, an since general election, 1.2 million jobs created in the private sector.

The road to recovery is a long one, and it is not going to be easy, but let's not forget the good points.