Delivering the final Autumn Statement before the May general election, Chancellor George Osborne has announced that the government is facing reduced finances, due to lower than expected tax revenues and falling oil prices. The Chancellor also admitted he would miss his annual borrowing target by at least £5 billion.

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Mr Osborne said the latest forecasts nevertheless suggest the UK has become "The fastest growing of any major advanced economy in the world" since the coalition government took over. He said, "Against a difficult global backdrop, I can report higher growth, lower unemployment, falling inflation, and a deficit that is falling too."

However, 72 percent of voters responding to a Comres survey conducted alongside the announcement said they have felt no benefit from the government's strategies for economic growth over the past 4 years. Even so, the Chancellor said in his announcement, "In the coming years there are going to have to be very substantial savings in public spending."

Commenting on the aspects of the Statement that will impact on farmers, NFU director of policy Andrew Clark said, "The freezing of fuel duty for a further year, exempting apprenticeships from national insurance, and a further extension to small business rate relief all have the potential to help farmers. However it is disappointing that the changes to Stamp Duty Land Tax relate to residential property only.

Mr Clarke continued, "The Chancellor again suggested a need for a more balanced national economy but confined this to building a northern powerhouse in northern cities. We think there is a need to encourage business investment and growth in productive capacity throughout the whole of the UK. It is disappointing that no mention was made of the annual investment allowance or encouraging investment in business infrastructure or managing business volatility – some of the NFU’s key asks in our submission."

"Although news of tax relief for business contributions to flood defences is welcome, it is disappointing that flood-related announcements all relate to pre-planned capital expenditure and do not address our concerns over maintenance investment."