Chancellor’s Autumn Statement at a glance

First time buyers are still relying on mum and dad
First time buyers are still relying on mum and dad

Chancellor Philip Hammond’s first Autumn Statement includes details of how:

Fuel duty rise will be cancelled, saving car drivers £130 and van drivers £350 a year;

A total of £23bn is to be spent on innovation and infrastructure over five years;

There are no plans for further welfare savings in this Parliament;

The personal allowance - the amount people earn before they start paying income tax - will rise to £11,500 in April and £12,500 by the end of the Parliament;

Insurance premium tax will increasingfrom 10 per cent to 12 per cent next June;

He pledges to ban upfront letting fees for tenants;

Tighter restructions on employee benefit schemes - perks that workers receive instead of part of their salary but are often tax-free - such as gym membership will be introducted. Unlikely to apply to child care perks:

Slower economic growth means the Autumn Statement will become the Autumn Budget from next year;

£556m will be awarded to Local Enterprise Partnerships in the North of England;

The National Living Wage will increase from £7.20 to £7.50 in April next year;

Corporation tax will be reduced to 17 per cent as planned;

New penalties for implementing tax avoidance schemes that are challenged and defeated by HMRC will become law;

Small businesses in rural areas will get a tax break worth up to £2,900 per year through an increase in the Rural Rate Relief.

In the hour after the speech, the value of sterling dipped 0.4 per cent to $1.2371 amid volatile trading.