Autumn Statement 2016: What you need to know

Today saw new Chancellor Philip Hammond give his first Autumn Statement, and here's everything you need to know about his speech.

Wednesday, 23rd November 2016, 1:54 pm
Updated Tuesday, 29th November 2016, 10:27 am

The statement included promises to ban letting agency fees, increasing the National Living Wage and rises in the income tax free personal allowance.

Here are the main points from today’s speech:

• Fuel duty will be frozen for the seventh successive year. This will come at a cost of £850 million, saving car drivers £130 a year on average and van drivers £350 a year on average.

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• There will be a ban on letting agency fees ‘as soon as possible’ and a consultation will be held on how to ban pension cold calling.

• The National Living Wage will increase from £7.20 to £7.50 in April 2017.

• Income tax free personal allowance will rise to £12,500 and higher rate threshold to £50,000 by the end of the Parliament. Personal allowance will then rise automatically in line with inflation during the 2020s.

• New measures will be introduced to stop multi-nationals avoiding tax. This is estimated to raise £5 billion from the largest businesses in the UK.

• Measures to crackdown on inappropriate tax avoidance to raise about £2 billion over the forecast period.

• Insurance premium tax to rise from 10% to 12% next June.

• Employee and employer National Insurance thresholds to be equalised at £157 per week from April 2017, at a maximum cost to business of £7.18 per employee a year.