Autumn Statement 2016: Letting agency fees to be scrapped

Chancellor of the Exchequer Philip Hammond reads through his Autumn Statement in his office in 11 Downing Street PPP-161123-095000001
Chancellor of the Exchequer Philip Hammond reads through his Autumn Statement in his office in 11 Downing Street PPP-161123-095000001

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LETTING fees, a pledge for 40,000 new homes and a rise in the minimum wage are expected to be the main talking points as the Chancellor for the Exchequer reveals his Autumn Statement later today.

Philip Hammond MP is expected to introduce a ban on letting agency fees to stop 4.3 million families in private rentals being hit by upfront charges running into hundreds of pounds.

He is also expected to announce a 4 per cent rise in the minimum wage for the over-25s - known as the National Living Wage - to £7.50 an hour from April 2017.

It is also likely to include a £1.4 billion injection into affordable housing to help build tens of thousands of homes.

Brexit will also be of keen interest to businesses and residents with reports suggesting that the UK’s exit from the European Union could cause a £100 billion hit to public finances over the next five years.

Universal Credit reform is also set to be a talking point as the Chancellor is set to make changes to ‘the taper rate’ for the system, which will allow low-paid workers to keep an additional 2p of every extra pound they earn.