The dust has started to settle after Wednesday\u2019s Autumn Statement, leaving behind the chants and jeers of UK business.\u00a0<\/p>\n
After announcing a series of far-reaching changes in the highly-anticipated statement, George Osborne has been the recipient of both criticism and praise this week, with an oscillation in opinion spurred by either side of the political spectrum.<\/p>\n
Business leaders, in particular, have rallied to make their voices heard, with many praising the announcement of business rate reform and a revision to stamp duty, whilst also urging caution until more specific details are available.<\/p>\n
John Cridland, director general of the Confederation of British Industry (CBI), said: \u201cThese major changes on stamp duty and business rates will be a shot in the arm for families and growing firms as they look towards 2015.<\/p>\n
\u201cWe welcome the continued commitment to deficit reduction, but real challenges lie ahead to reduce future public spending, and fresh thinking on public services will be essential.\u201d<\/p>\n
In his statement the Chancellor announced that the country\u2019s deficit had halved since 2010 to \u00a391.3bn this year, but acknowledged that he had fallen short of his initial targets.<\/p>\n
Meanwhile, Larry Elliot, the Guardian\u2019s economics editor, acknowledged the prudence of the stamp duty revision.<\/p>\n
He said: \u201cGiven the way in which Britain obsesses about bricks and mortar, changing the way stamp duty is levied pushes all the buttons.\u201d<\/p>\n
On the other side, Shadow Chancellor Ed Balls unsurprisingly criticised the impact of the Government\u2019s austerity measures.<\/p>\n
He said that the Chancellor had failed in his promise to \u201cmake people better off\u201d, conjecturing that \u201cworking people are worse off\u201d as a result of the current economic strategy.<\/p>\n
Frances O\u2019Grady, Trade Union Congress general secretary, expressed a similar view.<\/p>\n
\u201cThe living standards crisis has wrecked the Chancellor\u2019s strategy,\u201d she said.<\/p>\n
Meanwhile, others have praised the increased flexibility to pensions, building upon the foundations of 2014\u2019s changes to how pension pots can be handled.<\/p>\n
Regardless of the range in opinions, however, many agree that the UK is poised for significant change, with a sharp rise in spending cuts ringing the bells for further austerity measures across the public sector \u2013 leading many to watch the country\u2019s horizon with an attentive eye.<\/p>\n","protected":false},"excerpt":{"rendered":"
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