Stamp duty cuts, a fuel duty freeze, and review of business rates were announced in the Chancellor George Osborne’s Autumn Statement.

From today stamp duty will be cut for 98% of homebuyers, while West Yorkshire commuters may, one day, look forward to Pacer trains departing for good.

And there was some good news as charities and search and rescue teams can now claim VAT back.

See Ed Balls and George Osborne go head to head with our image below: slide right for the Conservative view, and left for Labour

 

The Autumn Statement includes:

  • Stamp duty: 0% paid for the first £125,000; 2% on the portion up to £250,000; 5% up to £925,000; 10% up to £1.5m; 12% on anything above. Read more about the changes and see how they'll affect you
  • Sovereign wealth fund for the North to keep benefits of shale gas exploration (fracking).
  • ISA threshold increases from £15,000 to £15,240 next April.
  • Air Passenger Duty to be scrapped for under-12s from May next year and for under-16s in 2016.
  • Personal tax allowance to increase to £10,600 next April; higher rate income tax threshold to rise to £42,385 next year.
  • 25% tax on profits generated by multi-nationals that are shifted out of the UK, to raise £1bn.

Click below to watch George Osborne outline the changes

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Jason McCartney, Colne Valley Conservative MP, said: “I am particularly pleased with the stamp duty announcement.

“I met the chancellor a couple of weeks ago and pushed the Pacer trains issue. He reaffirmed the announcement of the franchise tender and it makes sure that whoever puts in a bid will need to commit themselves to getting rid of Pacer trains.

“I don’t want Leeds to be the over-dominant city in West Yorkshire like London is with England. I want Huddersfield, Halifax, Bradford and Wakefield to feel the economic investment.

“If we are going to have an elected mayor it can’t be a politician, it has to be someone inspirational who can unite businesses, colleges, schools, charities.

“Someone like Gary Verity (Welcome to Yorkshire) or Bob Cryan (Huddersfield University Vice-Chancellor), people who can show real leadership and have a passion for our area.”

Huddersfield MP Barry Sheerman described the Autumn Statement as “pie in the sky” five months before a General Election: “The ideas cover up the fact that they’ve haven’t done what they promised to do, they said they’d get rid of the deficit and they’ve got rid of a third of it.

“If we don’t get on in Yorkshire and West Yorkshire in terms of this Northern initiative like Manchester then we’re going to be way down the queue.

“As somebody who cares about our patch, we have got to make some real strategic decisions and keep up with Manchester. If that means a potential mayor, then it needs considering.”