1. ITV Report

Autumn Statement: The key announcements at a glance

Here's an overview of the key announcements in Philip Hammond's first - and last - Autumn Statement.

More: Hammond scraps Autumn in favour of Spring Statement

  • Letting agents

The Chancellor has announced a ban on letting agents fees "as soon as possible."

In the private rental market, letting agents are currently able to charge unregulated fees to tenants.

We have seen these fees spiral, often to hundreds of pounds. This is wrong.

Landlords appoint letting agents and landlords should meet their fees

– Philip Hammond

The announcement triggered a drop in the prices of shares in estate agents.

  • Income tax-free personal allowance

This will rise from £11,000 to £11,500 in April.

By the end of 2020 it will rise to £12,500.

Hammond said that the higher rate threshold will increase to £50,000 by 2020.

  • An end to some salary sacrifice perks

The Chancellor announced plans to scale back "unfair" salary sacrifice schemes.

Exceptions include:

  • ultra-low emission cars
  • pensions saving
  • childcare
  • cycle to work scheme

He said that some long-term arrangements will be protected until April 2021.

  • Insurance premium tax to rise

The Chancellor announced a 2% hike in insurance premium tax from June. This will see families paying 12% for car and home insurance.

Insurance premium tax in this country is lower than in many other European countries, and half the rate of VAT.

– Philip Hammond

He said the revenue would fund increased spending commitments.

  • Relaxations to Universal Credit

Hammond has announced that the three million British families benefiting from Universal Credit will see the taper rate - the speed at which their benefits are withdrawn when they start earning - reduced from 65% to 63%.

This is effectively a targeted tax cut worth £700 million in 2021-22 for those in work on low incomes.

It will increase the incentive to work and encourage progression in work.

– Philip Hammond

But critics said the UC reform failed to compensate for the losses low-paid workers will face from previously-announced cuts.

  • Fuel duty freeze

Motorists will benefit from the decision to freeze fuel duty for the seventh year in a row.

In total this saves the average car driver £130 a year and the average van driver £350.

This is a tax cut worth £850 million next year, and means the current fuel duty freeze is the longest for 40 years.

– Philip Hammond

Motoring campaigners said the decision was a relief for motorists and businesses.

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