posted on 23 November 2016, updated on 23 November 2016

The chancellor's Autumn Statement was announced on 23 November 2016. The statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.

Announcements include:

  • £23bn fund for innovation and infrastructure over the next five years
  • £2.3bn housing infrastructure fund to provide 100,000 homes in high demand areas
  • £1.4bn aimed at delivering 40,000 new affordable homes in England
  • £1.1bn for English local transport networks
  • £1.8bn from Local Growth Fund for English regions
  • New City Deals for Stirling, Cardiff, Swansea, Edinburgh, North Wales and Tay cities, plus increased devolution for London
  • increase in National Living Wage to £7.50 per hour.

Borrowing is forecast to reach £68.2bn this year and £59bn next year, falling to £46.5bn by 2019/20. The deficit will not be cleared by 2020 but instead as “early as possible afterwards”.

It was also confirmed that this will be the last Autumn Statement, with Budgets to occur in the autumn from next year and a 'Spring Statement' from 2018.

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