Last updated Nov, 23, 2016
The key announcements and updates from the Chancellor’s Autumn Statement.
- Growth will be 2.4% lower than it would have been, thanks to the Brexit vote.
- £23bn fund for innovation and infrastructure over the next five years “investing today for the economy of the future”.
- £1.1bn for English local transport networks.
- £1bn for digital infrastructure, plus tax breaks for fibre network roll-out.
- £2.3bn housing infrastructure fund to deliver infrastructure for up to 100,000 new homes in areas of high demand.
- A further £1.4bn for 40,000 additional homes.
- National Living Wage to rise from £7.20 to £7.50 from April, a pay rise worth more than £500 to a full-time worker.
- Tax-free personal allowance to rise to £11,500 in April and will still go up to £12,500 by the end of the Parliament “despite the challenging fiscal forecasts”.
- Insurance premium tax to rise from 10% to 12%.
- Government will stick to plans to cut corporation tax from 20% to 17%.
- Fuel duty rise will be frozen for the seventh year in succession, saving the average car driver £130 a year and the average van drivers £350.