Britain’s Finance Minister George Osborne has outlined his future tax and spending plans in his Autumn Statement in what commentators said was electioneering by the Conservative chancellor ahead of next year’s poll.

He told the House of Commons he was sticking to his promise to put Britain’s budget back in the black before the end of the decade.

“Out of the red and into the black for the first time in a generation – a country that inspires confidence around the world because it seeks to live within its means,” he told MPs.

But Britain’s deficit, he said would be bigger than previously expected in the current financial year and 2015/16 before improving.

He announced a fresh crackdown on corporate tax avoidance and said banks would be able to claim fewer tax breaks for losses dating back to the financial crisis.

So called stamp duty, a tax which is paid on house purchases will be reformed with 98 percent of home buyers set to benefit.