Autumn Statement: Key points and what it means for you

Chancellor Philip Hammond delivers his Autumn Statement in the House of Commons, London. PRESS ASSOC

Chancellor Philip Hammond delivers his Autumn Statement in the House of Commons, London. PRESS ASSOCIATION Photo. Picture date: Wednesday November 23, 2016. See PA story BUDGET Main. Photo credit should read: PA Wire - Credit: PA

Chancellor Philip Hammond has unveiled his first Autumn Statement - but what did it include?

Chancellor Philip Hammond delivers his Autumn Statement in the House of Commons, London. PRESS ASSOC

Chancellor Philip Hammond delivers his Autumn Statement in the House of Commons, London. PRESS ASSOCIATION Photo. Picture date: Wednesday November 23, 2016. See PA story BUDGET Main. Photo credit should read: PA Wire - Credit: PA

Housing

• Letting agents in England will be banned on charging upfront fees 'as soon as possible'

• More homes - a £2.3bn housing infrastructure fund to provide 100,000 new homes in high-demand areas

• £1.4bn to deliver 40,000 extra affordable homes


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Drivers

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• Fuel duty will be frozen for seventh year in a row - saving average car driver £130 a year

• More electric car charging points

• Crackdown on whiplash claims - which Mr Hammond said would save drivers about £40 in car insurance

• But insurance premium tax will rise to 12pc - a 2pc rise on your car insurance (and home and travel)

There's also hope insurance could fall as a crackdown on whiplash claims was announced.

Workers

• A rise in the minimum wage from £7.20 to £7.50 an hour for over-25s

• Removal of salary sacrifice tax breaks for things including company cars, gym memberships, computers or phone contracts. Childcare, pensions, cycle-to-work schemes and ultra-low emission vehicles will remain included

• People receiving universal credit will keep more of it when they enter work - the taper rate will be cut from 65pc to 63pc

• No plans for further welfare savings this Parliament

Savers

• A new 2.2pc savings account is being launched, letting savers put away up to £3,000

Infrastructure

• £1.1bn extra investment in English local transport networks

• £220m to reduce traffic pinch points

• £1.8bn from Local Growth Fund to English regions

• More than £1bn for digital infrastructure

• 100pc business rate relief on new fibre infrastructure

• Rural Rate Relief upped to 100pc

• £7.6m for repairs to Wentworth Woodhouse, near Rotherham

Business

• Doubling the UK's export funding capacity

• £400m into venture capital funds to unlock £1bn in finance for growing firms

Taxation

• Income tax threshold will be raisded to £11,500 in April and £12,000 by the end of this Parliament

• Employee and employer National Insurance thresholds to be equalised at £157 per week from April next year

Other

• There will no longer be an Autumn Statement - instead, there will be an autumn budget and a spring statement

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