UK Chancellor George Osborne has delivered his Autumn statement to the House of Commons.
Tax credits: Controversial changes ditched altogether. Extra borrowing will make up the shortfall in the first few years of the parliament
Housing: Stamp duty increased 3% for buy-to-let and second home buyers; 400,000 new affordable homes in England by 2020; new Help to Buy scheme just for London
Police: no cuts to budget
New tax to pay for social care, to be levied by local authorities as a 2% council tax precept
Departmental spending cuts: Transport -37%, Business -17%, Defra -15%, Energy -22%, Culture, Media and Sport -22% (but free museum entry will stay)
Budget surplus: target of £10bn by 2020 maintained
Local governments will be allowed to keep all cash generated from asset sales
Apprenticeship levy set at 0.5% of payroll, with £15,000 allowance to exempt small businesses
OBR forecasts: UK growth outlook remains broadly unchanged from July
Small business rate relief extended for 12 months to April 2017
Science funding protected in real terms for rest of Parliament
By Ferdinando Giugliano, Jonathan Eley and Mark Odell
Welcome to our live election coverage, bringing you the latest reaction to the Tories winning an unexpected majority – taking 331 of the 650 seats in the House of Commons.
Labour’s Ed Miliband, the Liberal Democrats’ Nick Clegg and the UK Independence party’s Nigel Farage have all resigned as leaders of their respective parties. Clegg, deputy PM for the last five years, hung on to his seat but his party lost all but eight of its MPs. Farage failed to win the seat he was contesting.
The Scottish National party also had a triumphant night, trouncing Labour north of the border. (Photo FT/Charlie Bibby)
Mr Cameron made four Cabinet announcements, reappointing George Osborne chancellor of the exchequer – and promoting him to first secretary of state; Theresa May home secretary; Philip Hammond foreign secretary and Michael Fallon defence secretary. The rest of the Cabinet is expected on Monday.
A summary of today’s events
Polling day. Follow our live coverage of the results from 9pm here.
Welcome to the FT’s Live Q and A on the general election. With the polls too close to call and leaders going to unusual lengths to push the vote in their direction, deputy political editor Elizabeth Rigby takes your questions.
Ask away in the comment box to the right. We will start the live Q and A on Wednesday at 12.30 London time.
In the last of four televised events, the leaders of the three main political parties are appearing in a special edition of Question Time on BBC1, just a week ahead of what the polls say will be the closest fought election in modern times.
Each will separately face 30 minutes of questions from a studio audience starting with Conservative prime minister David Cameron, followed by Labour leader Ed Miliband and rounded off by Nick Clegg, the Liberal Democrat deputy prime minister.
By George Parker and Kiran Stacey
This UK election was meant to be about the economy, where the government enjoys a hefty lead over its opponents. All it needs in the last 10 days is for the voters to turn their attention towards jobs and growth and government should be returned.
That, at least, was the plan – and today’s GDP figures ought not to overturn it. Growth of just 0.3 per cent compared to the 0.6 per cent expected is inconvenient for the spin doctors, but hardly heralds a return to recession. Moreover, it is normal for these preliminary figures to be badly out of whack. Many still remember the third quarter of 2009, when the ONS announced continued recession, and Goldman Sachs’ response was “Unbelievable. Literally”. Within a few years, this quarter of supposed stagnation was revised towards growth. Read more
I highly recommend this post by Carl Gardner, a barrister and former government lawyer, about the legal basis for what happens when there is a hung parliament.
In it, Gardner makes a critical point: Read more
UK voters will elect a new parliament in a general election on May 7. Our poll-of-polls tracks all national-level voting intention polling figures going back to the 2010 election – the dots on our chart – and then calculates a rolling score for each party adjusted for recency and different pollsters. Read more
The pre-election poster battle intensified on Tuesday as Labour launched a new image parodying Saatchi & Saatchi’s famous 1979 dole queue montage for Margaret Thatcher, a key moment in the history of visual campaigning. Read more
Leaders of seven of the parties standing in next month’s UK general election are appearing in a one-off TV debate on Thursday night.
This is the only occasion that Conservative prime minister David Cameron will appear on a podium at the same time as any of the others, including his main rival for Number 10 Downing Street, Labour leader Ed Miliband. But in what is predicted to be the closest election in modern times there is as much interest in the smaller parties who could hold the balance of power.
By Mark Odell and Jim Pickard
This week’s data are a timely reminder that with less than seven weeks to go until polling day and Labour and the Tories neck and neck when recently published polls are averaged, the relationship between poll leads and who might become prime minister is not straightforward. Read more
On Wednesday, December 3, the chancellor will deliver the final Autumn Statement before the 2015 general election.
There will be extensive coverage of the chancellor’s speech live on ft.com. And from 3pm on December 3, a panel of personal finance experts will be on hand to answer your questions about its contents. Submit your questions in the live reader comments field or email the Money team at email@example.com at any time up to and during the live Q&A. We will choose a selection for our panel to answer.
On the panel are:
The discussion will be moderated by James Pickford, FT Money deputy editor, and Jonathan Eley, FT Money editor
UKIP candidate Douglas Carswell won 21,113 votes, or 59.7% of the total, in Thursday’s by-election. This was 12,404 more than Conservative candidate Giles Watline, who came in second with 8,709 votes, or 24.6%. Read more
The Romans used to predict the future by examining the entrails of dead animals. These days we use opinion polls, often with similarly haphazard results.
Even some of the most robust Westminster commentators are refusing to make firm bets about how the landscape will look after next May’s general election. It will be the closest fought, most unpredictable, most exciting battle for a generation. Read more
Mark Simmonds, the Foreign Office minister, is resigning because he says the new Westminster expenses regime precludes him from renting a residence in central London of appropriate quality. He has been excoriated on social media for being out of touch. But he is right, argues Jonathan Eley. Read more
Nick Clegg celebrates the Eastleigh byelection result
For well over a year, the Liberal Democrats have told supporters, commentators and their own MPs that they will fare better than their national poll ratings suggests.
At next year’s election, argue Nick Clegg’s strategists, the party will do well in areas they already have MPs, particularly given most of them are Tory-Lib Dem marginals, where the coalition of voters they have forged will stay with them for fear of letting the Tories in. This will let them retain about 40 of their 57 seats, think those at the top of the party, allowing for heavy losses to Labour in the north. Read more
Four polls have been published in the last 24 hours, all suggesting the same thing: the race for next year’s general election is now neck and neck.
Of course it is a symbolic moment that two of these polls show the Tories two points ahead – they are the first polls to put the governing party in the lead since early 2012. But within the margin of error, the race is essentially tied.
So what has happened in the last few days and weeks to cause Labour to slip from a pretty steady five point lead?
Unfortunately, the Lord Ashcroft poll can’t tell us, as it is the first in a series and so has no previous survey against which we can accurately monitor trends. Even more frustratingly, the ICM and the Populus polls seem to suggest very differing reasons for the poll move. Read more
The comments of Stanley Johnson about the Tory leadership prospects of his son Boris in this morning’s papers have made something of a stir. The London mayor’s father was quoted in the FT and the Guardian saying the Tories should change their leadership rules to allow Boris to run even if he wasn’t an MP at the time, a proposal that has been attacked by many in the party.
But it is Stanley’s comments on Boris’ views on Europe that might have a more long-term effect on his son’s leadership credentials. He told an audience of pro-European Tories (of which he is one):
Boris is a very good European, I can tell you that.