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All the main announcements as chancellor Jeremy Hunt reveals his autumn statement to MPs:

• He told the Commons in his opening remarks: “In the face of unprecedented global headwinds, families, pensioners, businesses, teachers, nurses and many others are worried about the future. So today we deliver a plan to tackle the cost-of-living crisis and rebuild our economy… “Stability, growth and public services” are three priorities.

• Government and Bank of England to “work in lock-step” in battle against inflation. No change to Bank’s remit.

• Office for Budget Responsibility (OBR) forecasts borrowing in this financial year of £177bn, £140bn in 2023/4.
OBR sees UK growth in 2022 of 4.2% but now in recession. Contraction of 1.4% in 2023.
OBR sees a rise in unemployment from 3.6% today to 4.9% in 2024.
OBR sees average inflation rate this year of 9.1% and 7.4% next year.

• Reduces the threshold at which the 45p rate becomes payable from £150,000 to £125,140.

• Maintains freeze on the income tax personal allowance, higher rate threshold, main national insurance thresholds and the inheritance tax thresholds for a further two years – to April 2028.

• Dividend allowance will be cut from £2,000 to £1,000 next year and then to £500 from April 2024.

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• The Annual Exempt Amount for capital gains tax will be cut from £12,300 to £6,000 next year and then to £3,000 from April 2024.

• From April 2025, electric vehicles will no longer be exempt from Vehicle Excise Duty.

• Stamp duty cuts announced in the mini-budget will remain in place but only until 31st March 2025.

• While the Employers National Insurance Contributions threshold is frozen until April 2028, the Employment Allowance will be retained at its new, higher level of £5,000 until March 2026.

• R&D tax relief for SMEs deduction rate cut to 86% and the credit rate to 10% but increase the rate of the separate R&D expenditure credit from 13% to 20%.

• Windfall tax on major oil and gas producers raised to 35% from 25% and 45% Energy Profits Levy rate to be imposed on electricity generators to raise £14bn next year.

• Nearly two thirds of properties will not pay a penny more in business rates next year. Says thousands of pubs, restaurants and small high street shops will benefit to tune of £14bn over five years.

• Over 600,000 more people on Universal Credit to be forced to meet with a work coach in a bid to get more into workforce and better-paid jobs.

• To invest an extra £2.3bn per year in our schools.

• Adult social care secures additional grant funding of £1bn next year and £1.7bn the year after. Says this means an increase in funding available for the social care sector of up to £2.8bn and £4.7bn respectively.

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Jaguar Land Rover to ‘pause’ US shipments over Donald Trump tariffs

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Jaguar Land Rover to 'pause' US shipments over Donald Trump tariffs

Jaguar Land Rover (JLR) has said it will “pause” shipments to the US as the British car firm works to “address the new trading terms” of Donald Trump’s tariffs.

The US president has introduced a 25% levy on all foreign cars imported into the country, which came into force on Thursday.

JLR, one of the country’s biggest carmakers, exported about 38,000 cars to the US in the third quarter of 2024 – almost equal to the amount sold to the UK and the EU combined.

Follow live updates: Trump’s baseline 10% tariff kicks in

In a statement on Saturday, a spokesperson for the company behind the Jaguar, Land Rover and Range Rover brands said: “The USA is an important market for JLR’s luxury brands.

“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

The company released a statement last week before Mr Trump announced a “baseline” 10% tariff on goods from around the world, which kicked in on Saturday morning, on what he called “liberation day”.

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JLR reassured customers its business was “resilient” and “accustomed to changing market conditions”.

“Our priorities now are delivering for our clients around the world and addressing these new US trading terms,” the firm said.

Trading across the world has been hit by Mr Trump’s tariff announcement at the White House on Wednesday.

All but one stock on the FTSE 100 fell on Friday – with Rolls-Royce, banks and miners among those to suffer the sharpest losses.

Read more: A red wall on Wall Street – but Trump seems to believe it will work out

Cars are the top product exported from the UK to the US, with exports worth £8.3bn in the year to the end of September 2024, according to data from the Office for National Statistics.

For UK carmakers, the US is the second largest export market behind the European Union.

Industry groups have previously warned the tariffs will force firms to rethink where they trade, while a report by thinktank the Institute for Public Policy Research said more than 25,000 car manufacturing jobs in the UK could be at risk.

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Two people die after caravan fire at holiday park in Lincolnshire

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Two people die after caravan fire at holiday park in Lincolnshire

Two people have died following a fire at a caravan site near Skegness, Lincolnshire Police have said.

In a statement, officers said they were called at 3.53am on Saturday to a report of a blaze at Golden Beach Holiday Park in the village of Ingoldmells.

Fire and rescue crews attended the scene, and two people were found to have died.

They were reported to be a 10-year-old girl and a 48-year-old man.

The force said the victims’ next of kin have been informed and will be supported by specially trained officers.

Officers are trying to establish the exact cause of the blaze.

“We are at the very early stages of our investigation and as such we are keeping an open mind,” the force said.

Two fire crews remain at the scene.

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Boy dies after ‘getting into difficulty’ in lake in southeast London

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Boy dies after 'getting into difficulty' in lake in southeast London

A 15-year-old boy has died after “getting into difficulty” in a lake in southeast London, police say.

Officers and paramedics were called shortly after 3pm on Friday to Beckenham Place Park in Lewisham.

The Metropolitan Police said a boy “was recovered from the lake” at around 10.42pm the same day.

“He was taken to hospital where he was sadly pronounced dead. His death is being treated as unexpected but not believed to be suspicious,” according to the force.

The boy’s family has been told and are being supported by specialist officers.

The force originally said the child was 16 years old, but has since confirmed his age as 15.

In the earlier statement, officers said emergency services carried out a search and the park was evacuated.

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google street view inside Beckenham Place park, Lewisham where a 16 y/o boy is missing after getting into difficulty in a lake
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Emergency teams were called to Beckenham Place Park on Friday afternoon

Beckenham Place Park, which borders the London borough of Bromley, covers around 240 acres, according to the park’s website.

The lake is described as 285 metres long, reaching depths of up to 3.5 metres.

It is designed as a swimming lake for open-water swimming and paddle boarding.

A London Ambulance Service spokesperson said on Friday: “We were called at 3.02pm this afternoon to reports of a person in the water.

“We sent resources to the scene, including an ambulance crew, an incident response officer and members of our hazardous area response team.”

Emergency teams have not explained how the boy entered the water, or whether he was accompanied by others.

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