The Chancellor, Philip Hammond, delivered his first Autumn Statement this week - in case you missed it, here's our quick summary of what was announced.
- Fuel duty frozen for the 7th year in a row – the Government says this could save the average car driver £130 a year.
- New National Savings and Investments savings bond – it will have a three-year term and offer an interest rate of 2.2% on up to £3,000.
- £1bn investment in full-fibre broadband and trialling 5G networks – this funding will support the private sector to roll out more full-fibre broadband by 2020/2021. It will also support trials of 5G mobile communications.
- £2.3bn for a new Housing Infrastructure Fund – this funding will be used for projects such as roads and water connections which will support the construction of up to 100,000 new homes in the areas where they are needed most.
- Continued support for Help to Buy equity loan scheme and Help to Buy ISA
- The income tax threshold will be raised to £11,500 in April – it is currently £11,000.
- The Autumn Statement itself was abolished – the Chancellor will now deliver the Budget in the autumn, with a ‘Spring Statement’ from 2018.