Renter boost announced

The government is to increase Local Housing Allowance for the first time since April 2020.

Local Housing Allowance (LHA) sets the maximum amount people renting from a private landlord can claim in Housing Benefit or Universal Credit.

Around 38% of England's 4.6million private renters receive housing benefit.

The amount you can claim depends on the area you live in and the size of the property you rent.

Local Housing Allowance will be increased to cover the cheapest 30% of local market rents.

This means anyone renting a home that is among the cheapest 30% of private rental properties in their area should be able to cover their entire rent with housing benefit.

The Chancellor has been under pressure to up the allowance by charities such as Crisis and Shelter, as well as private landlords and MPs.

‘Today’s announcements won’t touch the sides’ Lib Dems claim

The Liberal Democrats’ Treasury spokesperson, Sarah Olney, described today’s announcements as “deception” from Jeremy Hunt.

She said: “Conservative chaos has sent mortgages and tax bills soaring, today’s announcements won’t even touch the sides.”

Sarah Olney added: “These dismal forecasts show the economy is on life support and reducing NHS waiting lists is the shot in the arm needed.

“It is a no-brainer that we need people off waiting lists and back to work, yet this Conservative government simply doesn’t care.”

ISA changes

The government is making changes to simplify ISAs and provide more choice, meaning it will be easier for people to choose the best ISA accounts for their needs and move money between them.

The government will allow multiple subscriptions to ISAs of the same type every year from April 2024.

It will also allow partial transfers of ISA funds in-year between providers from April 2024.

The government will also raise the account opening age for any adult ISAs to 18 from April 2024 - up from 16.

However, it is freezing the ISA annual allowance at £20,000, Junior ISAs at £9,000 a year and Lifetime ISAs at £4,000 a year.

How much will you save on National Insurance

Brits will get a bumper income boost thanks to a major tax cut announced in the Autumn Statement.

The average employee is set to receive a £450 pay rise thanks to a two percentage point cut to the main rate of National Insurance.

Check how much you will save below.

Mortgage help announced

In a move to help budding buyers, the Chancellor has announced that the mortgage guarantee scheme is to be extended.

It's designed to help households with a smaller deposit purchase their homes.

It was originally announced as part of the 2021 Budget and was set to end on December 31 this year.

That's now been extended for another 18 months and will end in June 2025.

Under the programme, house buyers need just a £10,000 deposit to be able to afford a £200,000 home.

It enables buyers to take out a mortgage worth 95% loan to value (LTV), meaning only a 5% deposit is needed.

Typically buyers need a 10% deposit and take out a home loan for the remaining 90%.

So far, the scheme has helped over 24,000 households.

Alcohol duty will remain frozen

Ahead of Christmas party season the Chancellor brought joy to boozers as he announced alcohol duty will stay frozen.

In a major victory for our Save Our Sups campaign, beer, wine and spirits levies will not go up - and pubs and bars had their 75 per cent business rates holiday extended.

As MPs cheered the freeze in the Commons, Mr Hunt said:  "I know that for many people going to the pub has become more expensive.

"I have listened closely to the persuasive arguments on alcohol duties from (colleagues) and indeed The Sun newspaper."

Autumn Statement at a glance

Jeremy Hunt vowed to "reduce debt, cut taxes and reward work" as he unveiled a package aimed at saving cash-strapped Brits and turbo-charging the economy.

Benefits to increase in line with inflation rate

Chancellor Jeremy Hunt has confirmed he will raise benefits in line with the highest inflation rate.

In a major move, Mr Hunt is set to uprate benefits by 6.7 per cent, aligning with September’s inflation rate.

There had been speculation the Chancellor would choose the October’s 4.6 per cent inflation figure as it would have saved the Government around £3 billion.

Forecasters predict house prices will drop by thousands

According to the Office for Budget Responsibility house prices are set to fall by 4.7 per cent next year.

This means house prices will be 7.6 per cent lower in total compared to January 2022.

Lower levels of demand are predicted to cause the huge drop-off.

The OBR then expects a slow recovery in house prices, but it will take until the second half of 2027 for them to reach their 2022 peak, they estimate.

It comes as house prices fell at their sharpest rate in 14 years in August — with the average value now £259,153, figures show.

The 5.3 per cent annual drop was the biggest since July 2009 and left house prices £14,600 below their August 2022 peak.

Campaigners slam Hunt's rolling tobacco price increase

Campaigners slammed Jeremy Hunt's move, saying the Chancellor has "raised two fingers to working class people across the country".

Simon Clark, director of the smokers' group Forest, said: "Raising duty on hand-rolled tobacco by such a punitive amount is going to push more smokers further into poverty or into the hands of illegal traders including criminal gangs.

"This is a clear attack on smokers from poorer backgrounds, many of whom use hand-rolled tobacco because until now it's been cheaper than buying manufactured cigarettes."

He added: "Instead of punishing adults who smoke with punitive taxation designed to force them to quit, the government should focus on the underlying reasons why a greater proportion of people from lower socio-economic backgrounds are smokers.

"Often it's because of their environment but, instead of improving the conditions in which many people live, this Tory government is determined to force smokers to give up a habit that may relieve some of the stress caused by their environment."

New National Minimum Wage rates

The National Minimum Wage is the minimum amount that workers under 21 (but of school-leaving age) are entitled to.

Exactly how you get depends on how old you are.

Here are the new rates that will be implemented from April 1, 2024:

• Those aged 21 and over will get £11.44 rather than the current rate of £10.42
• For 18 to 20-year-olds, the rate will be £8.60, an increase of £1.11 on the previous wage of £7.49
• 16 to 17-year-olds will get £6.40, an increase of £1.12 on the previous rate of £5.28
• The apprentice wage will also increase to £6.40 from £5.28

Key announcements from today's Autumn Statement

• The biggest ever price hike for tobacco products
•   A major win for The Sun's Save Our Sups campaign with alcohol duty frozen
•   A major benefit change for renters on Universal Credit
•   A £10,000 energy bill discount for Brits living near pylons
•  A £192 income boost for self-employed workers
•  A £470 payment boost for millions on Universal Credit

Reeves - 'Sun is setting on this government'

Speaking during her response to Jeremy Hunt's Autumn Statement, shadow chancellor Rachel Reeves claimed the "sun is setting" on this Conservative government.

"As the sun begins to set on this divided, out of touch and weak government - it is clear the economy is simply not working," she said.

"Despite all the promises today, working people are still worse off."

Massive tax cut for workers

Jeremy Hunt has announced a massive cut to National Insurance for Britain’s 28 million workers from January.

He said the rate of NICs will come down from 12 per cent of earnings to 10 per cent of earnings. 

Hunt said: "It means someone on the average salary of £35,000 will save over £450."

It is the long-awaited personal tax cut many Tory MPs and voters have been clamouring for.

Minimum wage hike

The Chancellor has confirmed the National Living Wage will increase by over a pound an hour from April, from £10.42 to £11.44. 

The hike means a full-time worker could receive a pay rise of more than £1,800 a year. 

Mr Hunt also said the National Minimum wage rates for younger workers will also increase, with 18-20 year-olds getting a wage boost to £8.60 an hour. 

Benefits crackdown

The Chancellor has confirmed people with mobility and mental health problems face their benefits slashed if they fail to look for jobs they can do from home. 

He says: "Every year we sign off over 100,000 people onto benefits with no requirement to look for work because of sickness or disability.

"That waste of potential is wrong economically and wrong morally."

Existing claimants will also get assurances that their right to benefits will not be reassessed if they look for a work-from-home job.

Changes to the work capability assessment (WCA) have also been announced following a consultation, with stricter rules to be introduced. 

Another win for The Sun's Save Our Sups campaign

Jeremy Hunt announces he is extending the 75 per cent business rates discount for Retail Hospitality and Leisure businesses for another year too.

He said: "This will save the average independent pub over £12,800 next year and at a cost of £4.3bn, it is a large tax cut which recognises the role of pubs and high street shops in our communities."

Hunt makes apprenticeship pledge

Jeremy Hunt today committed £50m over the next two years to boost the number of apprentices in engineering.

The minimum hourly wage for an apprentice will also see a 21 per cent increase to £6.40 an hour from next year.

Tax cuts for business

Jeremy Hunt has handed a massive tax cut for firms that invest back into their company.

He is extending the “full expensing” break for bosses in a bid to drive growth.

He said: “I will today make full expensing permanent. This is the largest business tax cut in modern British history.”

Help to Save scheme changes

To support low-income households to build savings, the government is also reforming the Help to Save scheme, which aims to encourage low-income workers to save for short-term and long-term term goals and kickstart a lifelong savings habit, through adding a bonus to savings.

The new design will ensure the scheme's sustainability as a key savings product, encourage take-up and provide the best value for taxpayers.

The new design will be published in due course, alongside the launch of a consultation on the most effective way to deliver it.

ISA changes

The government is making changes to simplify ISAs and provide more choice, meaning it will be easier for people to choose the best ISA accounts for their needs and move money between them.

The government will allow multiple subscriptions to ISAs of the same type every year from April 2024.

It will also allow partial transfers of ISA funds in-year between providers from April 2024.

The government will also raise the account opening age for any adult ISAs to 18 from April 2024 - up from 16.

However, it is freezing the ISA annual allowance at £20,000, Junior ISAs at £9,000 a year and Lifetime ISAs at £4,000 a year.

How much will you save on National Insurance

Brits will get a bumper income boost thanks to a major tax cut announced in the Autumn Statement.

The average employee is set to receive a £450 pay rise thanks to a two percentage point cut to the main rate of National Insurance.

Check how much you will save below.

Mortgage help announced

In a move to help budding buyers, the Chancellor has announced that the mortgage guarantee scheme is to be extended.

It's designed to help households with a smaller deposit purchase their homes.

It was originally announced as part of the 2021 Budget and was set to end on December 31 this year.

That's now been extended for another 18 months and will end in June 2025.

Under the programme, house buyers need just a £10,000 deposit to be able to afford a £200,000 home.

It enables buyers to take out a mortgage worth 95% loan to value (LTV), meaning only a 5% deposit is needed.

Typically buyers need a 10% deposit and take out a home loan for the remaining 90%.

So far, the scheme has helped over 24,000 households.