Today's forecasts suggest the UK's national debt will hit £2 trillion by 2020 - double the amount when the Conservatives took office in 2010, Daily Politics presenter Andrew Neill says.

Is the government's fiscal credibility shot?

David Gauke, Chief Secretary to the Treasury, says some critics complain they're cutting too deeply, while others say they're borrowing too much: "The reality is we have made a huge number of difficult decisions." 

Confused? Here is a plain English guide at how Philip Hammond's plans will affect you and yours.

Here's a handy infographic from the Office for Budget Responsibility:

Social media users have been reacting to the announcements in today's Autumn Statement:

The World at One
BBC Radio 4

Dominic Raab, who sits on the Commons Exiting the European Union Committee, says the UK economy "has proved more resilient than all of these pessimistic forecasts". 

The Conservative MP and Leave campaign supporter, tells Radio 4's The World at One that if growth continues we will "see some of those forecasts adjusted again".  

Simon Walker, director-general of the Institute of Directors, says it's clear that boosting the UK's low productivity is Philip Hammond's number one priority: "A lot of what we saw today ties in with that." 

However, the IoD is a bit disappointed that the chancellor wasn't more ambitious. 

There could have been more tax incentives to encourage companies - many of which are cautious at the moment - to invest more, Mr Walker tells the BBC.

House of Commons
Parliament

Former leader of the Opposition Ed Miliband rises to respond to the statement.

He ironically welcomes the chancellor for adopting fiscal rules that he says his predecessor described as "the single biggest risk to economic recovery".

"The ones we proposed in 2015," he says to murmurs of agreement from Labour MPs.

On the situation regarding Brexit, he says that the economic situation following the vote is a "very strong argument" to stay as "close as possible" to our largest trading area, the single market, and staying "inside not outside the customs union".

Image source, Getty Images

One of Britain's largest insurers is extremely underwhelmed by the rise in insurance premium tax from 10% to 12%.

AXA UK's chief executive, Amanda Blanc, says: "This hike – the third in the space of 18 months – represents an unwarranted attack on millions of people simply looking to protect themselves, their families and their key assets. 

"This is a classic case of the Government giving with one hand, in the form of whiplash reforms, and taking with another."

She adds: "The country is already underinsured and ever rising insurance taxation could have the unintended consequence of making this situation even worse.”

Image source, OBR

The higher borrowing forecasts published by the Office of Budget Responsibility today are mainly due to the Brexit vote, as this chart illustrates.

In its report the OBR said, external revisions associated with the referendum and exiting the EU would "build over time due to the effect of lower productivity growth".   

Personal finance correspondent Simon Gompertz tweets:

House of Commons
Parliament

Image source, bbc

Former chancellor, but now merely the humble MP for Tatton, George Osborne rises to "warmly congratulate" his "friend and successor" on a strong statement and "assured delivery".

He welcomes additional support for the "northern powerhouse" - one of his flagship policies.

Mr Osborne says the Chancellor should continue to adhere to the principles that we control current spending, ensure that work pays, make Britain the best place to attract business, and have the freest possible trade with our key export markets. 

The chancellor says that his aim is to "future proof" our economy in a time of "extraordinary political and technological change". 

"Unless we invest now in our infra science and tech and innovation capabilities we risk being left behind," he says.

Image source, Getty Images

The FTSE 100 has tumbled since Philip Hammond delivered his Autumn Statement.

The blue-chip index is down 0.5%, or 34 points, at 6,784 points. 

Sterling has also dipped 0.4% to $1.2371 amid volatile trading.

Business correspondent Joe Lynam tweets:

In case you missed them, here are five of the main announcements from the Autumn Statement. 

1. Fuel duty rise cancelled, saving car drivers £130 and van drivers £350 a year  
2. A total of £23bn to be spent on innovation and infrastructure over five years  
3. No plans for further welfare savings in this Parliament
4. Insurance premium tax to rise from 10% to 12% next June  
5. Promise to abolish Autumn Statement, with a Budget in the autumn from next year, along with a "Spring Statement" from 2018  

Resolution Group head of research Duncan Weldon tweets:

Andrew Sentance, a former member of the Bank of England's Monetary Policy Committee, is sceptical about Philip Hammond's Autumn Budget/Spring Statement switcheroo.

Thought the forecasts on government borrowing were bad? You ain't seen nothing yet, according to Pantheon Macroeconomics.

Borrowing will be £122bn higher over the next five years compared to expectations set out in March by the OBR - before Brexit.   

But Samuel Tombs, chief economist at Pantheon Macroeconomics, says: "We expect further upward revisions to the borrowing forecasts in future as growth falls short of the OBR’s expectations and as the Government backslides on the big consolidation planned for 2019/20, just before the next election."

Image source, OBR

Image source, PA

As reported earlier, the chancellor has pledged to ban upfront letting fees for tenants. 

Mr Hammond told MPs: "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." 

He added: "We believe that a market economy is the best way of delivering sustained prosperity for the British people... but we will not be afraid to intervene where there is evidence of market failure." 

Image source, Science Photo Library

The Chancellor has turned his guns on employee benefit schemes - the perks that workers receive instead of part of their salary but are often tax-free. 

He described them as "unfair" and said that from April next year "employers and employees who use these schemes will pay the same taxes as everyone else". 

There will be carve-outs for ultra-low emission cars, pensions saving, childcare and the cycle to work scheme. And certain long-term arrangements will be protected until April 2021. 

Read more here.

House of Commons
Parliament

The BBC's Justin Parkinson has been looking at Whitehall's new favourite group - the "Jams", or those "just about managing". But who makes up this group?

For former Labour leader Ed Miliband, the "squeezed middle" was a concern. Former Lib Dem leader and Nick Clegg, while deputy prime minister, often referred to "alarm clock Britain" - the bleary-eyed grafters struggling to raise families, while getting out to work, with little money left over to pay for luxuries.

Conservative Chancellor George Osborne concentrated on "hard-working families" - again, those not on huge wages, but juggling responsibilities and striving to keep going.

The group described by officials as Jams, are the households "just about managing" to avoid poverty - and feeling left behind by globalisation.

Read the full article here.