News

Autumn Statement summary

Last month’s joint spending review and autumn statement contained a number of announcements that may be of interest to members:

  • George Osborne, the Chancellor of the Exchequer announced an upswing in funding to the Arts Council, national museums and galleries, clarifying that this would not be achieved through the redistribution of money from the Big Lottery Fund.
  • £105m was pledged in support of social impact bonds, to be spread across the remainder of the parliament.
  • Funding for the Charity Commission for England & Wales was frozen at £20.3m a year until 2019/20, an estimated 8-9% cut in real terms over the next five years.
  • £15m a year, taken from the tax on women’s sanitary products, will be diverted to women’s support charities.
  • Fines levied on banks will provide £25m over the next three years to support a range of military charities.
  • Department for Communities and Local Government will see its budget for local government expenditure cut by over £6bn in cash terms over the next five years.
  • Implications of future funding plans have led some commentators to suggest that by 2020 local government will be expected to be largely self-funding, with little or no central government grant support. This potentially transforms the function of local authorities and will have implications for locally focused charities.

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