LONDON (AP) - Britain's Treasury chief is set to announce plans to boost property ownership as he updates Parliament on the government's taxation and spending plans.

LONDON (AP) Britain's Treasury chief is set to announce plans to boost property ownership as he updates Parliament on the government's taxation and spending plans.

The Autumn Statement one of two showpiece budget updates gives Treasury chief George Osborne an opportunity Wednesday to lay out his spending priorities. It is accompanied by economic forecasts by the independent Office of Budget Responsibility.

Osborne is to announce plans to build 400,000 affordable homes, but the statement is also likely to detail deep cuts in public spending, with the welfare and police budgets facing the brunt of reductions.

Osborne is planning to cut 20 billion pounds ($30.2 billion) from spending. He also plans to raise 5 billion pounds in a crackdown on tax avoidance.