Autumn Statement: austerity for years to come, Osborne to warn As one major concession, drivers may be spared a 3p rise in petrol duty due to come into force in the new year, which could save £60 a year on the average family car. He could also extend a multi-bilion pound windfall tax on the banks, which was meant to be a temporary measure following the financial crisis. Standing at the despatch box just after 12.30pm, the Chancellor will also have to admit that his record on paying down Britian's debts is not as good as he might have hoped when the Coalition came to power. This year alone, Britain will have had to borrow around £10 billion more than expected, because of a lower tax take and welfare pressures. Mr Osborne will also reveal independent figures on the UK's growth, which are likely to show the economy has stagnated this year and will be sluggish in 2013. Paul Johnson, an economist at the Institute of Fiscal Studies, said the outlook for growth will remain gloomy. "It's the permanence that's the real problem in terms of the public finances," he told BBC Radio Four's Today programme. Back in March the Office for Budget Responsibility thought the economy would grow by about 0.8 per cent this year, not very much but at least positive. The average of independent forecasters is now that it is actually going to go down this year. The OBR back in March looked relatively optimistic compared with what most people think now. Most importantly a significant part of that loss in growth is it looks like we are never going to get it back. Chris Leslie, one of Labour's shadow Treasury ministers, said Mr Osborne is now entering a period of reckoning and urged him to change course with slower cuts and more spending to boost growth. "Today I think is going to be the period in which [the Chancellor's] philosophy is blown out of the water," he told ITV's Daybreak.