- Video report by ITV News Consumer Editor Chris Choi
Philip Hammond's Autumn Statement contained few headline-grabbing surprise announcements, but there was, as ever, a mixed response to what the Chancellor had to say.
On a day when he revealed the economy would take a £60 billion hit over the coming five years thanks Brexit, Mr Hammond did have some positive news - namely that fuel duty would be frozen and the National Living Wage increased. He also announced measures to ease cuts to Universal Credit.
Though welcomed by so-called 'JAMs' - those workers deemed 'just about managing' - the measures were not so positively received by their bosses.
One cutlery and silverware firm warned the hike in the living wage will make it more costly to take on new workers who need training.
The Chancellor said his first, and now last, Autumn address was for a new chapter in the UK's history but forecasts present a bleak future.Read the full story ›
What you need to know about Philip Hammond's first Autumn Statement.Read the full story ›
Responding to the Autumn Statement, Shadow Chancellor John McDonnell said it placed on record the "abject failure of the last six wasted years" with growth and deficit targets slashed.
He said it offers "no hope for the future."
The impact of Brexit on future public finances has led the Office for Budget Responsibility to forecast a £220bn increase in the national debt by 2020.
ITV News Political Editor Robert Peston tweeted:
Wow. OBR forecasts £220bn increase in national debt by end of parliament to staggering £1.945 trillion. Huge Brexit impact
Chancellor Philip Hammond has announced measures for lower-income and self-employed workers in his first Autumn Statement.
He said that the minimum wage will rise by 30p an hour that the Government will raise the income tax free personal allowance to £12,500 by the 2020 at the latest.
- You can watch the Autumn Statement live on our Facebook page
Chancellor Philip Hammond has announced he is abolishing the Autumn Statement and moving the main budget statement outside of the Budget from the spring to the autumn.
"This Autumn Statement will be my last," he told MPs before clarifying he would still return to deliver two major statements as mandated by Parliament.
ITV News Deputy Political Editor Chris Ship responded:
Autumn Statement to be abolished !
An Autumn Budget and a Spring Statement now!! Hilarity in Commons
The Spring Statement will be a pointless matter now - the Autumn Budget will become a whopper instead