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Chancellor delivers first Autumn Statement
Philip Hammond has delivered his first Autumn Statement as Chancellor - and laid bare the economic gloom facing the nation.
Forecasts revealed sweeping downgrades to UK growth and a sharp rise in Government borrowing, abandoning his predecessor's plan to balance the books by 2020.
Key measures included:
- Fuel duty freeze, a 30p rise in minimum wage and measures to ease cuts to Universal Credit
- Income free tax allowance to rise to £12,500 by 2020 with higher tax rate threshold raised to £50,000
- £23bn investment on innovation and infrastructure over five years
- £3.7bn total housing spend to build 100,000 new high-demand homes and 40,000 more affordable homes, plus ban on upfront fees charged by letting agents
- Hammond also abolished the Autumn Statement, saying the main Budget statement will now move from the spring to the autumn
But the impact of Brexit on future public finances has led the Office for Budget Responsibility to forecast a £220bn increase in the national debt by 2020.
This is worse than feared, according to ITV News Political Editor Robert Peston.
Live updates
How are 'just about managing' affected by economy?
Some of the plans outlined in the Autumn Statement were meant to reflect the Prime Minister's commitment to help the "just about managing" - JAMs - group as she described them.
At a focus group in Watford, people share their concerns about the state of the economy since the EU referendum.
Housing and the NHS were two main priorities for the JAMs, but only one was mentioned in the Autumn Statement.
ITV News Deputy Political Editor, Chris Ship reports.
How the Autumn Statement went down in the workplace
- Video report by ITV News Consumer Editor Chris Choi
Philip Hammond's Autumn Statement contained few headline-grabbing surprise announcements, but there was, as ever, a mixed response to what the Chancellor had to say.
On a day when he revealed the economy would take a £60 billion hit over the coming five years thanks Brexit, Mr Hammond did have some positive news - namely that fuel duty would be frozen and the National Living Wage increased. He also announced measures to ease cuts to Universal Credit.
Though welcomed by so-called 'JAMs' - those workers deemed 'just about managing' - the measures were not so positively received by their bosses.
One cutlery and silverware firm warned the hike in the living wage will make it more costly to take on new workers who need training.
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Hammond's Autumn Statement reveals bleak Brexit impact
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- ITV Report
Autumn Statement: The key announcements at a glance
Autumn Statement shows 'abject failure of last six years'
Responding to the Autumn Statement, Shadow Chancellor John McDonnell said it placed on record the "abject failure of the last six wasted years" with growth and deficit targets slashed.
He said it offers "no hope for the future."
Brexit leads OBR to forecast £220bn hike in national debt
The impact of Brexit on future public finances has led the Office for Budget Responsibility to forecast a £220bn increase in the national debt by 2020.
ITV News Political Editor Robert Peston tweeted:
Hammond announces measures for workers
Chancellor Philip Hammond has announced measures for lower-income and self-employed workers in his first Autumn Statement.
He said that the minimum wage will rise by 30p an hour that the Government will raise the income tax free personal allowance to £12,500 by the 2020 at the latest.
- You can watch the Autumn Statement live on our Facebook page
Latest ITV News reports
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The £220 billion cost of Brexit
The Chancellor announced one significant tax rise in his Autumn Statement which some may see as a little bit sneaky.
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Hammond's Autumn Statement reveals bleak Brexit impact
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