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23
NOV
2016

Autumn Statement: The Key Points

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The key announcements and updates from the Chancellor’s Autumn Statement.

Economy

  • Growth will be 2.4% lower than it would have been, thanks to the Brexit vote.

Investment

  • £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.

Household Finances

  • 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

  • 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%.

Motoring

  • 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.

Source: (Sky News, http://news.sky.com/story/autumn-statement-as-it-happens-the-key-points-at-a-glance-10668794)

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