Autumn Statement TL;DR? Here's our at-a-glance guide

 
Hayley Kirton
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The Chancellor Of The Exchequer On The Eve Of His First Autumn Statement
Not everybody has as much time to dedicate to the Autumn Statement as this gentleman here (Source: Getty)

Chancellor Philip Hammond spoke for around an hour while delivering today's Autumn Statement. If you don't have time for that, here's our at-a-glance overview of the announcements you need to know:

Economics, public spending and politics

Research, development and innovation

Trade

Regional powers and spending

  • London and Greater Manchester to be transferred the budget for the Work and Health Programme.
  • Greater London Authority’s affordable housing settlement for £3.15bn to deliver over 90,000 affordable houses confirmed.
  • Adult education budget to be devolved to London from 2019-2020.
  • £1.8bn in Local Enterprise Partnerships to be awarded across England.
  • Midlands Engine strategy report to be published shortly, and arrangements for Northern Powerhouse Investment Fund and Midlands Engine Investment Fund confirmed, with the British Business Bank to make first investments from Northern Powerhouse fund in early 2017.
  • Over £250m in extra infrastructure spend announced for Northern Ireland, over £800m for Scotland and over £400m for Wales.

Personal tax

  • Income tax personal allowance to be increased to £11,500 from next April, while higher rate income tax threshold to increase to £45,000. The government also remains committed to increasing the personal allowance to £12,500 and the higher rate cut-off to £50,000.

Savings and pensions

Employment

Business tax

Housing

  • £2.3bn housing infrastructure fund announced, which will be put towards building 100,000 new homes in high demand areas.
  • More investment in affordable housing, including £1.4bn to build 40,000 new homes.
  • £1.7bn to be ploughed into accelerated construction on public sector land.
  • Large scale regional pilot of right to buy revealed for council tenants.
  • As trailed beforehand, fees from letting agents for renters to be banned, with landlords likely to be asked to stump up costs instead.

Transport

Digital and technology

  • £1bn to be invested in a new digital network, which will include supporting 5G and broadband.
  • 100 per cent business rates relief for new full-fibre infrastructure for a five years from next April to support the roll out to homes and businesses.

Oil, gas and energy

Insurance

Tax Avoidance

  • Government renewed its commitment to tackling tax avoidance, including introducing a new penalty for so-called enablers of tax avoidance, where the arrangement in question is later successfully challenged by HMRC.
  • Government will also go ahead with plans to restrict the amount of losses carried forward multinational companies can use to reduce their tax bill.

Privatisation

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