Chancellor Philip Hammond’s first Autumn Statement includes details of how:
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;
There are no plans for further welfare savings in this Parliament;
The personal allowance - the amount people earn before they start paying income tax - will rise to £11,500 in April and £12,500 by the end of the Parliament;
Insurance premium tax will increasingfrom 10 per cent to 12 per cent next June;
He pledges to ban upfront letting fees for tenants;
Tighter restructions on employee benefit schemes - perks that workers receive instead of part of their salary but are often tax-free - such as gym membership will be introducted. Unlikely to apply to child care perks:
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;
The 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;
New penalties for implementing tax avoidance schemes that are challenged and defeated by HMRC will become law;
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.