Chancellor's Autumn Statement at a glance
![Chancellor Philip Hammond leaves 11 Downing Street, London, for the House of Commons as he prepares to deliver his Autumn Statement. PRESS ASSOCIATION Photo. Picture date: Wednesday November 23, 2016. See PA story BUDGET Main. Photo credit should read: Stefan Rousseau/PA Wire](https://www.sunderlandecho.com/webimg/legacy_ash_85925222.jpg?crop=3:2,smart&width=640&quality=65&enable=upscale)
![Chancellor Philip Hammond leaves 11 Downing Street, London, for the House of Commons as he prepares to deliver his Autumn Statement. PRESS ASSOCIATION Photo. Picture date: Wednesday November 23, 2016. See PA story BUDGET Main. Photo credit should read: Stefan Rousseau/PA Wire](/img/placeholder.png)
Fuel duty rise will be cancelled, saving car drivers £130 and van drivers £350 a year;
A total of £23bn is to be spent on innovation and infrastructure over five years;
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Hide AdThere are no plans for further welfare savings in this Parliament;
Insurance premium tax will rise from 10 per cent to 12 per cent next June;
Slower economic growth means the Autumn Statement will become the Autumn Budget from next year;
£556m will be awarded to Local Enterprise Partnerships in the North of England;
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Hide AdThe National Living Wage will increase from £7.20 to £7.50 in April next year;
Corporation tax will be reduced to 17 per cent as planned;
Small businesses in rural areas will get a tax break worth up to £2,900 per year through an increase in the Rural Rate Relief.
In the hour after the speech, the value of sterling dipped 0.4 per cent to $1.2371 amid volatile trading.