In George Osborne’s Autumn Statement there were few big surprises and headline grabbing announcements we’ve recently come to expect.
In a combined Spending Review and Autumn Statement, changes to government departmental budgets dominated the Chancellor’s speech.
Day-to-day spending of government departments will fall by an average of 0.8% a year in real terms.
The transport (37%), energy (22%) and business (17%) departments are facing the largest cuts. The core administration budget for culture, media and sport will fall by 20% but there will be increased funding for the Arts Council and sport.
NHS spending in England will increase from £101 billion in 2015/16 to £120 billion by 2020/21, including £6 billion next year. It is also expected to make £22 billion in efficiency savings in the next 5 years.
The economic news was largely positive. The combined effect of better tax receipts and lower debt interest has resulted in a £27 billion improvement in public finances compared to July.
The government will borrow £8 billion less than forecast and aims to have a budget surplus of £10.1 billion by 2020.
GDP is forecast to grow by 2.4% this year and has been revised up from July to 2.4% in 2016 and 2.5% in 2017.
Apart from the economic update, the Chancellor did announce some measures that will affect businesses and individuals. The following report summarises the announcements made by Chancellor George Osborne during the 2015 Autumn Statement on Wednesday 25 November 2015.
All businesses need to keep their employees motivated in the work they do. After all, increasing productivity is an issue for the whole of the UK. As a business, it’s difficult to know what motivational factor is the best one to use for your employees to increase productivity. Is it: financial reward; recognition; training; project development; promotion; being part of a team; or even the up skilling others?
It may be some or all of these aspects at some stage of an employee’s life. Finding the right balance and being able to afford this as a business is very difficult.
Employee Motivation – A Human Motivation Theory
Abraham Harold Maslow developed a theory called: The Hierarchy of needs
Chancellor announces the UK is the fastest growing major economy in the world and that the UK continues to stay on course for prosperity with more people now with jobs in Britain than ever before. Chancellor committed to sticking to long-term economic plan
The Chancellor announced adjustments to previous growth forecasts from those previously announced in the 2014 Autumn Statement.
