Today Programme
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House of Commons
Parliament

Shadow chancellor John McDonnell begins his response to the Autumn Statement mentioning the verdict in the trial of the man accused of murdering Labour MP Jo Cox.

Mr McDonnell says the murder "robbed this House of a fierce advocate for social justice and a passionate campaigner".

It was, he says "an attack on democracy itself".

On the statement, John McDonnell says that it places on record the "abject failure of the last six wasted years" and "offers no hope for the future".

The government is committed to removing disguised tax benefits for employees in the previous budget, says the chancellor - and now the self-employed and employers won't be able to use the VAT flat-rate scheme inappropriately, Mr Hammond adds.

"We will abolish the tax advantages linked to employee shareholder status in response to growing evidence that it is being primarily used for tax planning purposes by high-earning individuals," he says.

There will be a new penalty for implementing tax avoidance scheme that is challenged and defeated by HMRC.

He adds: "There is understandable public concern that the pitch is tilted in favour of large multinational groups, which are able to use cross-border structures to manage their tax liabilities."

The government will implement a restriction on tax relief for corporate interest expenses, and reform relief for historic losses, he says.

Image source, PA

Some explanation of the "drama" at the end of Mr Hammond's speech. He said the Autumn Statement will be scrapped - to cheers in the House (and the business newsroom too).

But wait, there's more. It's actually a switch. From next year, the Autumn Statement will become the main Budget.

And then from Spring 2018 onwards - when we would normally get the Budget - that'll be downgraded to a fiscal statement. 

Confused? Here are the Chancellor's own words: 

"So the spring Budget in a few months will be the final spring Budget. Starting in autumn 2017, Britain will have an autumn Budget, announcing tax changes well in advance of the start of the tax year. From 2018 there will be a Spring Statement, responding to the forecast from the OBR, but no major fiscal event." 

Newsnight presenter Evan Davis sums up the Autumn Statement thus:

Philip Hammond has promised to freeze fuel duty, which had been due to rise for the seventh successive year, following higher oil prices that have pushed up petrol prices.

"In total this saves the average car driver £150 a year, and the average van driver £350 a year," he says.

This is amounts to a tax cut worth £850m next year, the chancellor adds. 

Philip Hammond confirms the government will still raise the personal allowance to £12,500, and the threshold for the higher tax rate to £50,000, by the end of this Parliament.

The personal allowance - the amount people earn before they start paying income tax - will rise to £11,500 in April, he says.  

Economics editor Kamal Ahmed tweets:

While political editor Laura Kuenssberg adds:

The National Living Wage will increase from £7.20 to £7.50 in April next year, the Chancellor confirms. 

"That’s a pay rise worth over £500 a year to a full-time worker," he says. The NLW has replaced the minimum wage for workers aged over 25.

Philip Hammond confirmed that corporation tax will be reduced to 17% as planned.

He is also giving small businesses in rural areas a tax break worth up to £2,900 per year by increasing the Rural Rate Relief.  

The chancellor adds that the Communities Secretary Sajid Javid will announce business rates relief for other companies later today.

Economics editor Kamal Ahmed tweets:

Economic growth in the UK "has been too concentrated in London and the south-east", Chancellor Philip Hammond says, adding we must drive up the productivity performance of our regional cities.

"Today we publish our strategy for addressing productivity barriers in the Northern Powerhouse; and give the go ahead to a programme of major roads schemes in the north."

He announces funds for local enterprise partnerships (LEPs) between local authorities and businesses: "We are investing in local infrastructure in every region of England. I can announce the allocation of £1.8bn from the Local Growth Fund to the English regions: £556m to Local Enterprise Partnerships in the North of England, £542m to the Midlands and East of England, and £683m to LEPs in the South West, South East and London."

He announces devolution measures including a new "City Deal" for Stirling, and says London "will receive £3.15bn as its share of national affordable housing funding to deliver over 90,000 homes".

The Chancellor Philip Hammond says the government has no plans to make further welfare savings.

"The government has no plans to introduce further welfare savings measures in this parliament beyond those already announced".

Nick Robinson
Presenter, Radio 4 Today

First tax rise - the tax on insurance goes up to 12%. I suspect that will wipe out the savings from cutting whiplash claims.

Despite the fiscal pressure, Mr Hammond says the UK needs to meet our commitments to balancing the books, defence spending, helping the world’s poorest and the pensioners through the triple lock.

But looking forward to the next Parliament, the government will review its plans in light of fiscal developments.   

The chancellor promises a £7.6 m grant for repairs for Wentworth Woodhouse near Rotherham. 

Here are some facts about it:  

Comic Relief will get £3m from the Tampon Tax Fund to distribute to a range of women’s charities, Philip Hammond says.  

The government announced last year that money raised from charging VAT on tampons would be used to fund women's health and support charities.

A campaign had called for the tax to be scrapped, but the government said EU law would not allow it.  

The naughty FT chief political correspondent Jim Pickard tweets: