Autumn Statement Summary

What follows is a brief roundup of key points from the first Autumn statement to be delivered by chancellor Philip Hammond:

Public Borrowing and Spending

Public spending will be down from 45% in 2010 to 40% this year.
Debt is expected to peak at 90.2% of GDP in 2017-18, this year having risen to 87.3% from the previous year’s 84.2%.
Official figures forecast borrowing of £68.2bn this year, then £59bn in 2017-18, £46.5bn in 2018-19, £21.9bn in 2019-20 and £20.7bn in 2020-21
Departmental spending plans set out in 2015 Spending Review to remain in place
Key public services, defence, overseas aid and pension commitments will be met by the government until the end of the current parliament

Taxation and Wages

The current income taxation threshold of £11,000 will be increased to £11,500 in April next year
By the end of the current parliament, the higher-rate income tax will be increased to £50,000
The National Living Wage will increase to £7.50 per hour from the current £7.20 as of April 2017
Employer and employee National Insurance contributions will be equalised at a weekly £157

Housing

The government has promised to stop letting agents charge upfront fees as soon as possible in England
Up to 100,000 new homes will be built in high-demand areas of the country, thanks to a new £2.3 billion housing infrastructure fund
40,000 more affordable homes will be built with a further £1.4 billion investment

Fuel

There is to be no increase in fuel prices for the seventh year in a row, which will save the public approximately £850 million over the next year. (Around £130 per car driver, £350 per van driver)
The Carbon Price Support for the gas and oil sector will be capped until the end of the decade
For the oil and gas sector, the Carbon Price Support capped until 2020 and business rates reductions worth £6.7bn

Transport and Infrastructure

Local transport networks in England will benefit from £1.1 billion in additional spending
Innovation and infrastructure will receive £23 billion in extra spending by 2020
£110 million earmarked for East West Rail and commitment to deliver Oxford to Cambridge Expressway
Rural Rate Relief will be increased to 100%, adding up to a tax break for small businesses of up to £2,900
Wentworth Woodhouse near Rotherham will receive £7.6 million for essential repairs and renovation

Other

UK export finance capacity will be doubled
Funding will be provided for at least 2,500 more prison officers
Whiplash compensation will be reformed to reduce motor insurance spending
£220 million will be invested in reducing traffic ‘pinch’ points.
The Autumn Statement as it stands will be abolished – the Budget will now happen in the autumn and a Spring Statement will be delivered earlier in the year as of 2018