Autumn Statement: Philip Hammond's speech at a glance

The key announcements from the Chancellor of the Exchequer

Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street to deliver his Autumn Statement to Parliament (Getty)

The main announcements in the November 2016 Autumn Statement included:

:: Chancellor Philip Hammond said the Office for Budget Responsibility (OBR) has slashed the GDP growth forecast for 2017 from 2.2% to 1.4%, as well as forecasting growth of 1.7% in 2018, 2.1% in 2019 and 2020 and 2% in 2021. The OBR's view is that the EU referendum result means potential growth over the period is 2.4 percentage points lower.

:: Mr Hammond confirmed he is abandoning predecessor George Osborne's aim of achieving a budget surplus by 2019/20, saying he is committed to returning public finances to balance “as soon as practicable”.

:: Public spending this year to be 40% of GDP - down from 45% in 2010.

:: Borrowing is forecast by the OBR to reach £68.2 billion this year then £59 billion in 2017/18, then £46.5 billion, £21.9 billion, £20.7 billion in subsequent years, reaching £17.2 billion in 2021/22.

:: The £3.5 billion of efficiency savings announced at the Budget to be delivered in full.

:: Corporation Tax cut as planned to 17%, which Mr Hammond said is “by far the lowest” of G20 nations.

:: A £2.3 billion Housing Infrastructure Fund to deliver infrastructure for up to 100,000 new homes in high demand areas and £1.4 billion made available to deliver 40,000 additional affordable homes.

:: Investment of more than £1 billion in digital infrastructure and 100% business rates relief on new fibre infrastructure to make UK “a world leader” in 5G.

:: Income tax free personal allowance to rise to £12,500 and the higher rate threshold will increase to £50,000 by the end of the Parliament.

:: The National Living Wage will rise from £7.20 to £7.50 in April 2017.

:: Universal credit taper rate to be cut from 65% to 63% from April at a cost of £700 million.

:: The Autumn Statement has been abolished and the main budget statement will move from the spring to the autumn.

PA