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Autumn Statement: UK to be 'match fit' for Brexit Autumn Statement: 'Resilient' economy for Brexit promised
(35 minutes later)
Philip Hammond has promised an economy that will be "match fit" for Brexit as he presents his Autumn Statement to MPs in the Commons. Chancellor Philip Hammond vowed to make the UK economy "resilient" for leaving the EU as forecasts pointed to an increase in borrowing and slower growth.
The chancellor is expected to announce measures aimed at boosting workers' income and increasing housebuilding. In his Autumn Statement Mr Hammond said the UK's deficit would be cleared "as early as possible" after 2020.
But the first major economic statement since the Brexit vote also includes forecasts of slower growth from 2017. He pledged new infrastructure spending and billions of pounds for housing.
Mr Hammond said the UK's deficit would be cleared "as early as possible" in the next Parliament.
Labour has predicted the chancellor would fail to help people on low and middle incomes.Labour has predicted the chancellor would fail to help people on low and middle incomes.
Presenting the Office for Budget Responsibility's forecasts, Mr Hammond said borrowing would hit £68.2 billion this year and £59 billion next year compared with the March forecast of £55.5 billion and £38.8 billion.
The OBR predicted growth this year would be 2.1%, higher than the 2% forecast in March, but said it would fall to 1.4% next year before recovering to 1.7% in 2018, 2.1% in 2019 and 2020 then 2% in 2021.
Mr Hammond also said the government would prioritise "additional high-value investment" on infrastructure, which would be funded by additional borrowing.
A new £23bn "national productivity investment fund" would tackle the UK's "shocking" productivity gap with other countries, he said.
Among the measures to be announced are:Among the measures to be announced are:
Other changes which have already been announced include investing an extra £2bn a year in science by 2020, a crackdown on compensation claims for whiplash injuries aimed at reducing motorists' insurance premiums and £1.3bn to improve roads. The government has also announced an extra £2bn a year for science by 2020, a crackdown on compensation claims for whiplash injuries aimed at reducing motorists' insurance premiums and £1.3bn to improve roads.
The government has also faced calls to abandon planned cuts to Universal Credit, due to come into force in April 2017, which critics say will hit people who are "just about managing" - the group Prime Minister Theresa May has promised to protect.The government has also faced calls to abandon planned cuts to Universal Credit, due to come into force in April 2017, which critics say will hit people who are "just about managing" - the group Prime Minister Theresa May has promised to protect.
Follow the Autumn Statement on the BBCFollow the Autumn Statement on the BBC
The Office for Budget Responsibility will publish its estimates for the country's economic growth and the government's finances as soon as Mr Hammond finishes making his speech.
The chancellor received a boost on Tuesday as official figures showed the government borrowed a lower-than-expected £4.8bn last month.The chancellor received a boost on Tuesday as official figures showed the government borrowed a lower-than-expected £4.8bn last month.
Despite this he is expected to announce an extra £100bn of public borrowing for the next five years, compared with what was planned in March - largely because the economy is expected to grow less quickly than had been thought.Despite this he is expected to announce an extra £100bn of public borrowing for the next five years, compared with what was planned in March - largely because the economy is expected to grow less quickly than had been thought.
In the build-up to his statement, the chancellor vowed to ensure the UK economy is "watertight" for the "sharp challenges" of Brexit and described the UK's debt - national debt stands at £1.6trn - as "eye-wateringly" large.
Changes to Universal Credit - the flagship single payment being rolled out across the UK - will reduce the "taper rate" from 65% to 63%. This means benefits will be withdrawn at a rate of 63p for every pound of net earnings.Changes to Universal Credit - the flagship single payment being rolled out across the UK - will reduce the "taper rate" from 65% to 63%. This means benefits will be withdrawn at a rate of 63p for every pound of net earnings.
The government said about three million households would benefit.The government said about three million households would benefit.
But the Resolution Foundation think tank said their gains would be "small fry" compared with previously-announced cuts to the work allowance, which is the amount people can earn before they start to lose their benefits.But the Resolution Foundation think tank said their gains would be "small fry" compared with previously-announced cuts to the work allowance, which is the amount people can earn before they start to lose their benefits.
On housing, the government said it would relax rules on how affordable housing funding could be used and promised additional measures in the Autumn Statement.On housing, the government said it would relax rules on how affordable housing funding could be used and promised additional measures in the Autumn Statement.
It said banning letting agents' fees would help 4.3 million private rental tenants.It said banning letting agents' fees would help 4.3 million private rental tenants.
Citizens Advice welcomed measures on the agents' fees and on workers' wages but said more should be done to help "just managing families".Citizens Advice welcomed measures on the agents' fees and on workers' wages but said more should be done to help "just managing families".
Labour, which has been calling for agents' fees to be banned, said: "Any change of heart is welcome" but added that the government had "no plan" to fix the housing crisis.Labour, which has been calling for agents' fees to be banned, said: "Any change of heart is welcome" but added that the government had "no plan" to fix the housing crisis.
Shadow chancellor John McDonnell said the reduction in the Universal Credit taper rate would be "too little, too late for those working families who have had to bear the brunt of six wasted years of failed Tory economic policies".Shadow chancellor John McDonnell said the reduction in the Universal Credit taper rate would be "too little, too late for those working families who have had to bear the brunt of six wasted years of failed Tory economic policies".
"Despite all their rhetoric last month, and before the ink is even dry on the Autumn Statement, it looks like it will be jam tomorrow for working people under Theresa May and Philip Hammond.""Despite all their rhetoric last month, and before the ink is even dry on the Autumn Statement, it looks like it will be jam tomorrow for working people under Theresa May and Philip Hammond."
The SNP said the biggest threat to the economy was "uncertainty caused by this UK government and the threat of a Tory hard Brexit".The SNP said the biggest threat to the economy was "uncertainty caused by this UK government and the threat of a Tory hard Brexit".
What questions do you have about the Autumn Statement?What questions do you have about the Autumn Statement?