Summary

  • Government borrowing to be £122bn higher: OBR

  • Growth forecasts cut for 2017 and 2018

  • Employee perks targeted; fuel duty frozen; letting-fees ban

  • £23bn infrastructure fund announced

  • McDonnell: Chancellor's spending plans 'offer no hope'

  1. Hammond paints bruising backdroppublished at 17:27

    Laura Kuenssberg
    BBC political editor

    Philip Hammond

    There was no secret that the picture today's Autumn Statement would paint would not be pretty. But more than £100bn of extra borrowing, roughly equivalent to the entire NHS budget - nearly £60bn of that the costs of Brexit - make a brutal backdrop for Theresa May's government as it only just gets going.

    Remember all the figures ought to be taken with a giant pinch of salt. Forecasts like these have so often been wrong. And no one is forecasting a recession.

    But what the chancellor said today and the Office for Budget Responsibility has calculated have big implications.

    Read more from Laura here.

  2. Those big numbers in fullpublished at 17:18

    Anthony Reuben
    BBC Reality Check

    Let's run through a couple of the really big numbers you may have seen linked to today's Autumn Statement.

    We'll start with the £122bn. That's what you get if you add up the extra amount the government is expected to have to borrow each year until 2020-21, on top of the amount of borrowing that was expected in March.

    About half of that is due to the vote to leave the European Union.

    The other big figure is £220bn - the amount by which total government debt is forecast to increase before the end of this Parliament in 2019/20. The total goes up from £1.73 trillion to £1.95 trillion.

    The difference between the figures is due to the amount of money the Bank of England is borrowing to support the economy via its asset purchase facility (APF). 

    It counts as part of national debt, but not as part of the net borrowing figure.

    If you're really interested there are more details in the OBR table below.

    Table breaking down net debtImage source, OBR
  3. Hammond's Marmite policypublished at 17:11

    In one of the few surprises in today's Autumn Statement, Philip Hammond pledged £7.6m to help repair Wentworth Woodhouse,  the stately home that inspired Jane Austen's Pemberley in Pride & Prejudice.

    Seems like people either really love or really hate the plan.

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  4. FTSE finishes flatpublished at 17:05

    FTSE 100

    The FTSE 100 has pared its losses following the Chancellor's speech.

    The index closed at 6,817points - pretty much where it started the day.    

    On the currency markets, the pound has gained 0.7% against the euro to €1.177 and is flat against the dollar at $1.243. 

  5. Social care charities concernedpublished at 16:57

    Several have taken to social media to express concern that additional funding for social care was not addressed in this afternoon's statement:

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  6. Not quite enough?published at 16:52

    Business editor Simon Jack tweets:

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  7. Osborne commends Hammondpublished at 16:47

    It was warm and fuzzies all round today when Philip Hammond paid tribute to his predecessor George Osborne at the beginning of the Autumn Statement. And the former Chancellor responded in kind:

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  8. A reader asks...published at 16:42

    Properties to rentImage source, Getty Images

    Chris Ames, a lettings centre manager, has emailed in to ask when the ban on letting agent fees starts.

    Unfortunately, the Treasury is very light on detail.

    Here's what the Autumn Statement says: "The government will ban letting agents’ fees to tenants, to improve competition in the private rental market and give renters greater clarity and control over what they will pay. The Department for Communities and Local Government will consult ahead of bringing forward legislation."

  9. 'Tarmac, trucks and telecoms'published at 16:35

    Carolyn Fairbairn, director general of the Confederation of British IndustryImage source, Getty Images

    Carolyn Fairbairn, CBI director-general, comments on Philip Hammond's attempts to boost UK productivity in today's Autumn Statement.

    She says: "His emphasis on R&D, housing and local infrastructure will help businesses in all corners of the UK to invest with greater confidence for the long-term, during turbulent times.  This will be warmly welcomed."

    However, she emphasises these plans must be put into action. "That means Tarmac, tracks and telecoms being laid, and clear, deliverable timetables for major projects – only then will they act as a catalyst for investment, jobs and growth."

  10. The only way is up...published at 16:28

    Torsten Bell, director of the Resolution Foundation, sums up the impact of Brexit on the public finances.

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  11. Nissan responsepublished at 16:23
    Breaking

    A Department for Business spokesperson says in response to the OBR's comments on Nissan:

    Quote Message

    No 'new contingent liabilities have been created in respect of Government assurances provided to Nissan' and therefore no department will be reporting any additional incurrence of contingent liabilities to Parliament as a result of Nissan’s decision to base the production of two new lines at their Sunderland plant."

  12. Early election on the cards?published at 16:17

    Duncan Weldon, head of research at Resolution Group (which is different to the Resolution Foundation, by the way), tweets:

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  13. No Nissan answerspublished at 16:12

    NissanImage source, Getty Images

    A wry response from Robert Chote on the government's deal with Nissan, which has promised to build its new Qashqai and the X-Trail SUV in Sunderland following "support and assurances" from the UK.

    Asked if he thought the government should have given details on the agreement, he says: "We thought it was important to ask for it and we thought it was important to tell everyone they haven't answered the question."

    Boom! 

  14. Gilts selloffpublished at 16:08

    Investors sold off more UK government bonds in the aftermath of the Autumn Statement, sending yields higher. 

    They're pricing in the prospect of higher inflation after the Chancellor announced another £122bn of spending over the next five years and pushed back plans to balance the books, says Michael Hewson of CMC Markets. 

    The yield on UK gilts jumped 10 basis points after Philip Hammond's speech.   

  15. The Autumn Statement in six minutespublished at 16:05

    Media caption,

    Watch a summary of the key points from Philip Hammond's first (and last) Autumn Statement

  16. Earnings hitpublished at 16:02

    Another chart from the Resolution Foundation - not good news for the hip pocket in the years to come.

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  17. Brexit and beyondpublished at 15:58

    The OBR has set out what path it expects Britain to take after Article 50 is triggered, tweets the BBC's Ben Wright.

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  18. Readers react to letting fees banpublished at 15:54

    • Rosie Shaw, Cambridge: One good side effect of the ban on agents charging fees to tenants is that letting agents will now want to keep the same tenants in a property for as long as possible; it's no longer in their interest to change tenants regularly in order to get more fees. Next thing I want is long-term tenancies.
    • Justin Waldron, Hampshire: When we moved in to our two-bed flat we had to pay a month's rent in advance and the same amount as a deposit. We then had to pay an extra £650 for fees, so that took our total to £2,000 to move in. So these agents saying that it costs £100 to £200 - and they make no money - it's a load of rubbish and just a massive rip off. 
    • George Brounos, Southend-on-Sea: There is no evidence that banning letting fees resulted in rent increases in Scotland and to be frank if rent prices increase any more people will be forced onto the street. Finally some long overdue good news for those stuck in the private rental bubble.
  19. A thankless taskpublished at 15:51

    Does OBR boss Robert Chote have the hardest job in Britain? 

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  20. Economy to take £26bn hitpublished at 15:48

    Resolution Foundation chief economist Matthew Whittaker tweets:

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