Chancellor Philip Hammond delivered his Autumn Budget to the House of Commons on Wednesday afternoon – here is a full rundown of the key points from his speech…

Economic data and state of the public finances

• Growth forecast for 2017 downgraded from 2% to 1.5%
• GDP downgraded to 1.4%, 1.3% and 1.5% in subsequent years before rising to 1.6% in 2021-22
• Productivity growth and business investment also revised down
• Annual rate of CPI inflation forecast to fall from peak of 3% towards 2% target later this year
• Another 600,000 people forecast to be in work by 2022
• £3bn to be set aside over next two years to prepare UK for every possible outcome as UK leaves EU
• Annual borrowing £49.9bn this year, £8.4bn lower than forecast in March
• Borrowing forecast to fall in every subsequent year from £39.5bn in 2018-19 to £25.6bn in 2022-23
• Public sector net borrowing forecast to fall from 3.8% of GDP last year to 2.4% this year, then 1.9%, 1.6%, 1.5% and 1.3% in subsequent years, reaching 1.1% in 2022-23.
• Debt will peak at 86.5% of GDP this year, then fall to 86.4% next year; then 86.1%, 83.1% and 79.3% in subsequent years, reaching 79.1% in 2022-23.

Stamp duty and housing

• Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
• To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty
• 95% of all first-time buyers will benefit, with 80% not paying stamp duty
• Reduction will apply immediately in England, Wales and Northern Ireland although the Welsh government will have to decide whether to continue it when stamp duty is devolved in April 2018
• It will not apply in Scotland unless Scottish government decides to follow suit
• £44bn in government support to boost construction to meet target of building 300,000 new homes a year by the middle of the next decade
• 100% council tax premium to be levied on empty properties
• Compulsory purchase of land banked by developers for financial reasons
• Review into delays in developments given planning permission being taken forward
• £28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area
• New homelessness task force

Business and digital

• VAT threshold for small business to remain at £85,000 for two years
• £500m support for 5G mobile networks, fibre broadband and artificial intelligence
• £540m to support the growth of electric cars, including more charging points
• A further £2.3bn allocated for investment in research and development
• Rises in business rates to be pegged to CPI measure of inflation, not higher RPI
• Digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction to be subject to income tax as part of tax avoidance clampdown. Expected to raise about £200m a year

National and regional infrastructure/science

• £320m to be invested in former Redcar steelworks site
• Further devolution of powers to Greater Manchester
• £1.7bn transport fund for city regions to be spent by mayors
• £2bn for Scottish government, £1.2bn for Welsh government and £650m for Northern Ireland executive
• Scottish police and fire services to get refunds on VAT from April 2018
• Young person’s railcard extended to 26-30-year-olds

Alcohol, tobacco, gambling and fuel

• Tobacco will continue to rise by 2% above Retail Price Index (RPI) inflation while the minimum excise duty on cigarettes introduced in March will also rise
• Duty on hand-rolling tobacco will increase by additional 1%
• Duty on beer, wine, spirits and most ciders will be frozen, equating to 12p off a pint of beer and £1.15 off a bottle of whisky by next April
• But duty on high-strength “white ciders” to be increased via new legislation
• Fuel duty rise for petrol and diesel cars scheduled for April 2018 scrapped
• Vehicle excise duty for diesel cars that do not meet latest standards to rise by one band in April 2018
• Tax hike will not apply to van owners
• Existing diesel supplement in company car tax to rise by 1%
• Proceeds to fund a new £220m clean air fund

Personal taxation and wages

• Tax-free personal allowance on income tax to rise to £11,850 in April 2018
• Higher-rate tax threshold to increase to £46,350
• Short-haul air passenger duty rates and long-haul economy rates to be frozen, paid for by an increase on premium-class tickets and on private jets
• National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83

Welfare and pensions

• £1.5bn package to “address concerns” about the delivery of universal credit
• Seven-day initial waiting period for processing of claims to be scrapped
• Claimants to get 100% advance payments within five days of applying from January
• Typical first payment will take five weeks rather than current six
• Repayment period for advances to increase from six to 12 months.
• New universal credit claimants in receipt of housing benefit to continue to receive it for two weeks

Education (in England)

• £40m teacher training fund for underperforming schools in England. Worth £1,000 per teacher
• 8,000 new computer science teachers to be recruited at cost of £84m
• Secondary schools and sixth-form colleges to get £600 for each new pupil taking maths or further maths at A-level or core maths at an expected cost of £177m
• £2.8bn in extra funding for the NHS in England
• £350m immediately to address pressures this winter, £1.6bn for 2018-19 and the remainder in 2019-20
• £10bn capital investment fund for hospitals