Autumn Statement 2016 recap: Details, reaction and analysis as Philip Hammond reveals £122bn budget black hole
In a break with George Osborne’s toxic legacy, the Chancellor scaled back Universal Credit cuts and banned letting fees – but there are other ways workers will feel the pinch from the cost of Brexit
Philip Hammond used his first and last Autumn Statement today to give a sobering assessment of Brexit’s impact on the economy.
He admitted the national debt would spiral above 90% of GDP, while the govenrment’s watchdog said leaving the EU will cost £226m a week in borrowing thanks to higher inflation, lower growth and stagnant wages.
There was some help for the JAMs (just about managing) with a rise in the minimum wage (though not as much as promised), a freeze in fuel duty and the raising of the tax threshold.
But what the Chancellor gave in one hand, he took back with other. Notably the rise in insurance tax which will wipe out any gains from the fuel freeze.
Just as informative as what Hammond did say, was what he omitted to cover.
Though he did find £240million for grammar schools and £7.6million to restore a crumbling country house.
We’ve put together a guide to how the Autumn Statement affects you, an at a glance round-upand small print the Chancellor hoped you’d miss. And you can also read (and watch) the Autumn Statement speech in full.
You can work out how your finances are affected using our calculator here.