Autumn Statement 2016: Main points

November 23, 2016
By

Chancellor Philip Hammond his presented his first Autumn Statement:

Here are the main points, as announced:

Office for Budget Responsibility says growth this year will be 2.1%, 1.4% next year (down from 2.2%), 1.7% in 2018 (down from 2.1%), 2.1% in 2019/20 (down from 2.1%) and 2% in 2020/21, (down from 2.1%).

As expected, the Chancellor abandoned commitment to surplus by end of this Parliament

National Productivity Investment Fund of £23bn to be spent on innovation and infrastructure over the next five years.

Chancellor says: "While the OBR is clear that it cannot predict the deal the UK will strike with the EU, its current view is that the referendum decision means that potential growth over the forecast period is 2.4 percentage points lower than would otherwise have been the case."

Housing white paper to address long-term challenges. Chancellor says he will deliver a housing market that works for everyone.

£1.1bn fund for infrastructure in England, including digital signalling on railways and £390m to boost the development of low-emission and autonomous vehicles.

UK to be world leader in 5G.

Doubling of export support for businesses.

£1.8bn funding for English regions including £683m to LEPs in South West, South East and London.

New borrowing powers for combined authorities.

Corporation tax will fall to 17%, in line with road map of previous Chancellor.

Fuel duty cancelled for the seventh consecutive year.

New £6.7bn package to reduce business rates.

Minimum wage increased to £7.50 an hour.

As expected, letting agents fees to be abolished.

 

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