Autumn Statement 2016

Get our summary of the 2016 Autumn Statement

DOWNLOAD OUR FULL SUMMARY OF THE AUTUMN STATEMENT 2016

"Our task now is to prepare our economy to be resilient as we exit the EU." - Philip Hammond

Philip Hammond's first Autumn Statement will also be his last. In 2017 there will be a Spring Budget followed by an Autumn Budget. In early 2018 there will be the first Spring Statement.

The Chancellor presented his Autumn Statement against a background of reduced growth forecasts and the 'urgent' need to tackle the long-term weaknesses of the UK economy. His declared ambition is to make the UK 'match-fit' for Brexit.

The emphasis of the Chancellor's speech was on increased infrastructure spending, a stop on further new welfare savings measures and an acceptance that government borrowing will be significantly higher than previously projected.

Non-tax provisions included a proposed ban - as in Scotland- on letting agents charging fees to renters, a continuing freeze on fuel duty, and a 30p an hour increase in the national living wage from April 2017 to £7.50.