Highlights of the chancellor's Autumn Statement - live feed.
The economy is very strong and we have low unemployment.
We have strength in services and new technologies.
The problems remain weak productivity, lack of housing and a budget deficit.
Now we need to prepare the economy in order to leave the EU whilst still maintaining a credible fiscal policy.
The Office of Budget Responsibility (OBR) forecasts a slight slow-down in the economy but this is low in comparison to our neighbours in the EU.
The falling pound is an inflationary factor.
The UK labour market is robust. Employment grew fastest in the North East and every region in the UK has seen record number in work.
Government is no longer aiming for a budget surplus in 2019.
Aim for public finances to return to balance by the next parliament.
Adjusted borrowing below 2% by the end of the parliament.
Further borrowing will allow the government to create a £23billion fund make high value investment in innovation and infrastructure.
Housing development: £2.3billion housing infrastructure fund, £1.4billion on affordable homes, relaxation on government grants, large scale regional pilot of right to buy, increase in right to buy ISA.
Transport: £1.1billion in local business transport networks, various investments in roads, digital signaling, low emission and connected autonomous vehicles.
Digital infrastructure: £1billion in 5G, 100% business rate relief for 5 years for fibre installations.
Industrial strategy: funding for the business bank
Investment in different regions.
Devolution: city deals and new borrowing powers.
Wentworth Woodhouse: the house is at critical risk due to open cast mining. £7.6m grant to preserve the house.
Libor bank fines to finance armed forces charities, tampon tax to fund women's charities.
Urgent funding to the MOJ for prison officers.
Taxation:
The Triple lock on tax is maintained.
Corporation tax: changes as already announced.
Transitional relief cap increased
Rural rate relief increased to 100%
From April 2017 - Employer and employee thresholders aligned at 157 per week.
Incorporation: a review of different vehicles
Salary sacrifice: no tax savings from salary sacrifice, with exceptions for:
Ultra low emissions, cycle to work and certain long term arrangements for pensions.
Insurance tax to rise.
Anti-avoidance:
- Clamp down on disguised earnings for self employed and employers
- Employee Shareholder Status
- New penalties for defeated penalties.
- International: budget 2016 measures include restriction on corporate interest expenses from April 2017.
The personal allowance and basic rate band to increase.
The National Living Wage: to rise from £7.20 to £7.50 from April 2017.
Universal Credit: reduce taper rate.
Letting agent fees: upfront fees for tenants banned asap.
Pensions scams/cold callings: measures to ban tba.
New 3 year NSI savings bond, details tba.
Fuel duty rise cancelled (for the 7th year).
The Autumn Statement to be abolished. From Autumn 2017 Britain will have an Autumn Budget and from 2018 a Spring Statement will be made by the government responding to the OBR's annual report. The chancellor will reserve his right to make fiscal changes at other times, should the need arise.
