What to expect from the autumn statement

Today at 12.30pm chancellor, Phillip Hammond, will officially announce the autumn statement 2016.

The autumn statement updates MPs on the government’s plans for spending and taxation. It is the second of the two important economic statements the chancellor gives every year, the first of which being the budget.

This will be the first ever autumn statement from the new chancellor.

It is also his first major economic speech since the Brexit vote earlier this year.

Government watchdog, The Office for Budget Responsibility (OBR), will also reveal its forecasts for growth, inflation and other economic matters.

So what can we expect from this years autumn statement? Here are the key points expected to be announced later today.

 

  • Several billions pounds to be spent on housing and transport infrastructure.
  • A £1bn scheme for developing super-fast one gigabit broadband, and 5G mobile access.
  • £1bn diverted to the welfare system, in an attempt to soften the blow after cuts made by the ex-chancellor, George Osbourne.
  • A ban on letting agent fees, which should renters money. A policy originally proposed by Ed Miliband.
  • The national minimum wage will rise from £7.20 to £7.50.
  • The tax-free personal allowance will rise from £11,000 to £12,500.
  • The higher-rate threshold will rise from £43,000 to £50,000.
  • Even further cuts in corporation tax.

 

In this years autumn statement, the “chancellor will deliver on government pledge to support ordinary working class families,”  according to a press release from the Treasury sent to political journalists yesterday. Teresa May has promised to help the “just about managing” families in Britain, or “JAMS” as many are now calling them.

The official speech will be delivered at around 12.30pm today.

ministers-attend-david-camerons-last-cabinet-meeting-546361658-57951a7f32e48

Philip Hammond will give his first Autumn budget today

 

 

 

 

 

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