What are the key changes from the Autumn Statement 2016?
By Beth FisherIn his inaugural, and surprisingly last, Autumn Statement, Chancellor of the Exchequer Philip Hammond announced the government's priorities for the economy
Section: Economy
- £2.3bn housing infrastructure fund to deliver up to 100,000 new homes in areas of high demand
- £1.4bn invested to provide 40,000 additional affordable homes
- Ban of letting agent fees to tenants "as soon as possible"
- Abolishing the Autumn Statement. In Autumn 2017, Britain will have an autumn Budget, and from 2018, there will be a Spring Statement
- Additional £400m injected into venture capital funds through the British Business Bank, unlocking £1bn of new finance for growing firms
- Government no longer seeks to deliver a budget surplus in 2019/20
- OBR forecasts growth to slow to 1.4% in 2017 due to greater uncertainty
- Income tax allowance raised to £11,500 in April 2017 and raised further to £12,500, with the higher rate threshold to £50,000 by the end of this parliament
- National Living Wage to increase from £7.20 to £7.50 in April 2017 - representing a pay rise of over £500 a year to a full-time worker
Keywords: Autumn Statement, affordable homes, income tax, National Living Wage, Philip Hammond, chancellor of the exchequer, economy government, housing, venture capital