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

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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.