What are the key takeaways from the Autumn Statement?

ITV News Consumer Editor Chris Choi explains the most important points from todays Autumn Statement.

  • National Insurance

National Insurance has been put down by 2% to 10%, benefiting 27 million workers. This will save an average worker £450 a year.

The Chancellor is not waiting for April which is the usual practice - he’s bringing in new legislation so it can start on January 6.

This won’t help those over the state pension age of the lowest income workers (under £12,570).

  • State Pension

State Pensioners will get a £900 a year rise from April as levels go up 8.5%.

There had been fears the “triple lock” would not be honoured. It has been met using the higher figure of average earnings increase including bonuses.

  • Benefits

Those on benefits will see a typical rise of £470 a year as payments such as Universal Credit rise with inflation.

There had been fears a lower figure would be used, for example current 4.6% inflation. Some 5.5 million households will benefit.

  • Alcohol duty

Alcohol duties won’t be rising and has been frozen on beers, wines, ciders and spirits until August.

It's a victory for highly effective lobbying by the industry and its supporters.

  • Business investment tax

National Insurance for businesses has been abolished as Class 2 Contributions end saving an average of £192 a year for 2 million.

Business investment tax relief - “full expensing” is to be made permanent.

Full expensing is a capital allowance tax scheme allowing companies to deduct 100% of the cost for equipment from their profits - equivalent to a tax saving of 25p in every £1 spent.

It's predicted to boost investment by £3 billion.

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