GETTY What does the Autumn Annunciation 2016 mean for you?
Mr Hammond reiterated that “Britain is open for duty” but also promised to “build an economy that works for everyone” and shore up struggling households.
Help for JAMs
*Today it was revealed that innumerable money is to go towards the Universal Credit programme, taking the taper class from 65 per cent to 63 per cent.
*The Chancellor also hand-me-down the Autumn Statement to announce that the national living wage inclination rise from £7.20 to £7.50 in April 2017.
*Pensions cold province has been banned to help protect millions of vulnerable people from being outmanoeuvred out of their life savings.
*The income tax allowance will be raised to £11,500 from next year, while the grave rate threshold is to rise to £50,000.
*Fuel duty will also be frozen for the seventh consecutive year, Mr Hammond accredited.
*It had already been announced that tenant letting agent emoluments will be axed as soon as possible.
The Chancellor set the Government would launch a new National Savings & Investment (NS&I) savings controls with an interest rate of around 2 per cent.
More detail ss on be announced in the next budget, said Mr Hammond.
In a hit to households the Protection Premium Tax will be raised from 10 to 12 per cent, purport insurance policies for homeowners and motorists is likely to become more up-market.
Salary sacrifice schemes will also be scrapped, which make allowance workers to avoid tax on cash-free benefits, such as gym membership. It means labourers could have to y hundreds of pounds more in tax.
Gather together productivity and investment in infrastructure
The Chancellor has earmarked £23billion for a new Country-wide Productivity Investment Fund to be spent on innovation and infrastructure ito raise Britain’s productivity and raise the economy amid Britain’s vote to leave the European Union (EU).
UK infrastructure at ones desire be at the heart of investment, as the government ploughs money into upgrading the wilderness’s transport and communication networks.
British roads will be improved with a repository of around £1.3bn, while another £1bn will be spent on providing varied ‘full-fibre’ broadband across the UK, as well as investment in 5G trials.
There longing also be additional investment in research and development, with funds arising to extra £2bn per year by 2020/21.
The Government is to create a new £2.3 billion Cover Infrastructure Fund to deliver infrastructure for up to 100,000 new homes in high on presentation areas.
There will also be £1.4billion invested in affordable houses, helping to build 40,000 new homes.
The END of the Autumn Statement
Mr Hammond also worn the Autumn Statement to announce that it would be the last EVER Autumn Report.
Instead the Budget will be moved from the spring to the Autumn, implication from next year there will be an Autumn Budget.
There devise still be a Budget in March 2017, as planned but from 2018, there see fit be a Spring Statement.
However, the Chancellor promised the new Spring Statement wishes not be used to announce any major tax changes.
The British economy is now forecast to grow by 2.1 per cent this year, UP from a antecedent to forecast of 2 per cent in March – before the vote to leave the European Consortium (EU).
Growth in 2017 is predicted at 1.4 per cent, from previous approximates of 2.2 per cent; it’s expected to reach 1.7 per cent in 2018, 2.1 per cent in 2019, and 2020 then 2 per cent in 2021.
The Chancellor today bound he would abandon predecessor George Osborne’s unrealistic goal to get Britain’s budget into a redundant by 2019/20.
He also announced three new three fiscal rules.
*Britain’s budget should be returned to a leftovers as early as possible, in the next government
*Public sector debt as a share of GDP must be falling by the end of this rliament
*Welfare spending must blockage within a cap set by the Government
More to follow..