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Business

  • Mr Hammond said the Government's Industrial Strategy will be a "firm foundation" on which to "build our ambition of an economy that works for all"
  • Doubling UK export finance capacity
  • Funding initiative to boost management skills
  • £400m for venture capital funds to unlock £1bn of finance for start-ups, to stop them being swallowed up by the big firms
  • Treasury-led review into accessing capital in the UK

 Personal finance

  • New savings bond through NS&I with 2.2pc interest rate over three years. Savers will be able to deposit up to £3,000. There will be more detail on this in the Budget next year
  • Tax free childcare roll-out will begin in 2017, and will be kept under review to make sure it is "delivering the support it needs to working families"
  • Mr Hammond cancels fuel duty rise for the seventh successive year, saving motorists £130 a year

Tax

  • My priority as chancellor is to ensure Britain remains the number one destination for business, Mr Hammond said
  • Corporation tax will fall to 17pc, the lowest rate of corporation tax in the G20
  • Carbon Price Support will continue to be capped out to 2020
  • Business rates reduction package confirmed - transitional relief cap lowered, which Mr Hammond said "is complicated but good news". He adds that he will increase of rural rate relief to 100pc giving small businesses in rural areas a tax break
  • Insurance premium tax to go up from 10 to 12pc next June to raise revenue
  • Ultra-low emission cars, childcare and cycle to work scheme will be excluded from new plans to scrap employee tax breaks
  • Tax advantages linked to Employee Shareholder Status will be abolished
  • The Chancellor promises to crack down on tax avoidance. "We must constantly be alert to new threats to our tax base," he said
  • New tax measures will raise around £2bn over the forecast period
  • The Government will raise point at which people start to pay tax to £12,500 and the point at which they pay the higher rate to £50k by 2020

Borrowing and debt

  • Three new fiscal rules in a new draft Charter for Budget Responsibility: public finances should be returned to balance as early as possible in the next Parliament, and, in the interim, cyclically-adjusted borrowing should be below 2pc by the end of this Parliament; public sector net debt as a share of GDP must be falling by the end of this Parliament; welfare spending must be within a cap, set by the government and monitored by the OBR
  • OBR forecasts for borrowing: 2016/17: £68.2bn; 2017/18: £59bn; 2018/19: £46.5bn, 2019/20: £21.9bn, 2020/21: £20.7bn, 2021/22: £17.2bn
  • Public borrowing will drop from 4pc last year to 3.5pc this year and will continue to fall over Parliament reaching 0.7pc in 2021/22 - the lowest in two decades
  • The OBR expects cyclically adjusted public sector net borrowing to be 0.8pc of GDP in 2020/21, against the Government's target of reducing it to less than 2pc
  • The OBR forecasts that debt will rise from 84.2pc of GDP last year to 87.3pc this year, peaking at 90.2pc in 2017/18 before falling to 89.7pc in 2018/19

Productivity

  • Mr Hammond said raising productivity is essential: he will to prioritise "high value investment" to raise productivity, funding in the short term by additional borrowing
  • There will be a new national productivity investment fund of £23bn for "innovation and infrastructure" over the next five years, aimed at science and tech research and development

Housing

  • The goal of home ownership remains out of reach for "too many", Hammond said. A Housing White Paper will be published "in due course" which will address some of the problems in the market
  • £2.3bn housing infrastructure fund to open up sites for up to 100,000 homes
  • £1.4bn for 40,000 affordable homes, as well as a relaxation of restrictions on Government grants to help building
  • Right-to-buy pilot for housing association tenants
  • The Government will double capital spending on housing in real terms over the course of the Parliament, Mr Hammond said
  • Fees for tenants in rented accommodation will be banned

Infrastructure and transport

  • £1.1bn in English local transport networks, £220m for "pinch points" on national roads, £450m to trial digital signalling on railways and £390m for development of low emission vehicles
  • The Northern Powerhouse rail - more details from the Transport Secretary in the coming weeks
  • Mr Hammond said his ambition is for the UK to "be a world leader in 5G" and so will invest £1bn in the country's digital infrastructure
  • There will be 100pc business rates relief for five years on new fibre infrastructure
  • £110m of funding for East West Rail, and a commitment to deliver the new Oxford to Cambridge Expressway
  • More money for the Northern Ireland Executive (£250m), the Welsh Government (£400m) and the Scottish Government (£800m) to fund infrastructure, made through the Barnet formula

Regional cities

  • Major road schemes in the north confirmed
  • £1.8bn from Local Growth Fund for English regions: £556m to Local Enterprise Partnerships in the North of England, £542m to the Midlands and East of England, and £683m to LEPs in the South West, South East and London
  • "Devolution remains at the heart of this Government's approach to supporting local growth," Mr Hammond said, confirming a new City Deal for Stirling, as well as deals with Swansea, Edinburgh, North Wales and Tay Cities
  • More devolution for London: the capital will receive £3.15bn as its share of national affordable housing funding to deliver more than 90,000 homes, as well as control over its adult education budget

Deficit and spending

  • We have more work to do, Mr Hammond said - departmental spending plans will remain in place, although there will be extra funding for the Ministry of Justice to tackle problems in prisons
  • "The £3.5bn of savings to be delivered through the Efficiency Review announced at the Budget... must be delivered in full," Hammond said
  • "I want the Treasury to be an enabler for good, effective spending across Government," Mr Hammond said, and added that he would allow up to £1bn of the savings found by the efficiency review in 2019/20 to be reinvested in "priority areas"
  • Despite the fiscal pressure we will meet our commitments to meet the budgets of defense, overseas aid and keep the triple lock for pensioners, Mr Hammond said

Employment and welfare

  • National Living Wage will be raised to £7.50 next April, up 25p, equivalent to £500 a year for a full-time worker
  • £700m boost for Universal Credit by cutting the taper from 65pc to 63pc, an effective £700m tax cut
  • Working families will be eligible for 30 hours a week of free childcare for all 3 and 4 year olds from September
  • £10bn of additional funding a year for the NHS by the end of 2020/21