Autumn Statement 2016 live: Philip Hammond slashes growth forecast due to Brexit

Welcome to The Independent’s live coverage of today's Prime Minister's Questions and the first budget statement since Britain voted to leave the European Union

Ashley Cowburn
London
Wednesday 23 November 2016 10:13 GMT
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Louise Thomas

Louise Thomas

Editor

Welcome to The Independent’s live coverage of PMQ’s and the first Autumn statement from Chancellor Philip Hammond.

Here are the latest updates:

Welcome to The Independent’s live coverage of today’s Prime Minister’s Questions, followed by Philip Hammond’s first budget statement in the Commons – and the first since Brexit.

George Osborne, the former Chancellor, has already expressed his “very best wishes” to his friend Mr Hammond as he helps “the UK prepare for he challenges ahead”. It is the first time in six years Mr Osborne will not be at the dispatch box providing an update on the country’s finances.

Theresa May promised in her debut speech as Prime Minister outside Downing Street to lead a Government for the "just about managing", a group now known as the Jams.

In the Commons today, Mr Hammond will seek to build on that promise, unveiling measures “designed to improve the living standards of ordinary working-class people and their families”.

He is expected to use the statement in a bid to frame the Conservative Party as a friend to “ordinary working-class people” by easing the pain of his predecessor’s welfare cuts and abolishing letting-agent fees for “generation rent”.

Mr Hammond will also promise a £1.4bn cash-injection for 40,000 “affordable homes”.

But Brexit – and its effect on the British economy – is likely to be the big the story of the day.

The Office for Budget Responsibility’s assessment, released alongside the Chancellor’s statement, is expected to show slower growth and rising prices, with some early reports suggesting Brexit uncertainty has blown a £100bn hole in the Treasury’s coffers.

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