The outlook for pay is grim, according to the IFS, and here's how it looks on paper. 

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Labour says that the Institute for Fiscal Studies's prediction that workers will earn less in 2021 than they did in 2008 is a " damning indictment of the total, abject failure of the Tories’ economic policy during their six wasted years in office." 

Shadow chancellor John McDonnell says: "The so-called ‘long-term economic plan’ has meant long-term decline in living standards for working people even as the super-rich and the big corporations are given large tax giveaways."

He adds: “Chancellor Philip Hammond promised action in the Autumn Statement for those ‘just about managing’.

"Instead he has betrayed them by continuing to slash in-work benefits, failing to raise the ‘National Living Wage’ to the level promised, failing to deliver more funding for our NHS and social care and now he’s threatening pensioners with removing the ‘triple lock’."

Landlords say the new ban on letting agent fees will put up rents. But did that happen in Scotland after the ban was introduced in 2012?

The vote for the UK to leave the EU appeared to shape some of the forecasts and announcements in Philip Hammond's first Autumn Statement.

Daily Politics presenter Jo Coburn heard reaction from economist Linda Yueh, Patrick Minford of Economists for Brexit, Conservative MP Nadhim Zahawi and the shadow chief secretary to the Treasury, Rebecca Long Bailey.

Should Philip Hammond ever tire of being chancellor, there's plenty of money to be made away from the Treasury.

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Another day, another data breach.

This time it is, rather bizarrely, the turn of the US Navy. 

According to our seafaring friends, the personal information of more than 130,000 sailors has been accessed.

Apparently the breach occurred after the laptop of an employee at Hewlett Packard Enterprise working on a naval contract was "compromised".

It appears that the data includes names and social security numbers.

Fortunately, the Navy does not currently believe it was misused.  

Image source, Getty Images

Oil glided higher on Thursday ahead of a key meeting with the Organization of the Petroleum Exporting Countries (Opec) next week.

Brent crude rose to $49.01 a barrel and US oil increased to $48.03.

There are hopes that the Opec cartel of oil producing nations may agree to cap output, potentially in agreement with Russia. 

Energy minister Alexander Novak said Russia, which is not a member of Opec but is the world's second largest producer according to the International Energy Agency, could revise down its 2017 oil production plans if a global output freeze comes into force, effectively cutting output by 200,000-300,000 barrels per day.

However, there are some doubts that Iran, which is shipping oil again after international sanctions were lifted, will agree to a cap.

Tamas Varga, at brokerage PVM Oil, said: "Despite 13 countries participating, an Iranian rejection to chip in would be more than enough to kill the deal."

Image source, Reuters

So what do those economists who supported Brexit make of the forecasts in the Autumn Statement? 

Writing in the New Statesman, external magazine on Thursday, co-founder of Economists for Brexit, Gerard Lyons, said there was some "pessimistic thinking" in the Autumn Statement's assessment of Brexit. 

But he also said: "The independent Office for Budget Responsibility has produced a credible set of economic forecasts for the next couple of years."

But Patrick Minford, the co-chair of Economists for Brexit said: "These official forecasts have been horribly wrong this year, and there is no sign that they are learning their lesson."

Here are his latest forecasts for economic growth (followed by the OBR's).

2017: 2.6%   (1.4%)

2018: 2.7%   (1.7%)

2019: 2.8%   (2.1%)

2020: 3.2%   (2.1%)

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While we've all still got a bit of money in our pockets - which won't be for long according to the Institute for Fiscal Studies - now is the time to take advantage of Black Friday.

This post-Thanksgiving shopping splurge, which Britain has imported from the US, is all very exciting but how does it compare to other famous sale bonanzas? 

The BBC has investigated and here are our findings.

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Brexiteer Iain Duncan Smith has joined the chorus of those who think the Office for Budget Responsibility is being far too pessimistic about Britain's economy.

Mr Duncan Smith tells the BBC that the UK economy has "confounded" those who thought it would fall following Britain's vote to leave Europe - GDP grew by 0.5% in the third quarter.  

He says that the UK has "moved into territory where no-one knows what the future holds", but the best thing to do is to put our house in order.  

Image source, PA

As if the Institute for Fiscal Studies report weren't depressing enough, there's a kicker at the end for Philip Hammond and his plans to bin the Autumn Statement. 

"Given that uncertainty it seems right that this Autumn Statement had the feeling of a “wait and see” fiscal event.

"To return to where I started. We will also wait and see whether this really is the last Autumn Statement. We have been here before after all. Chancellor Kenneth Clarke also moved from a separate Autumn Statement and Spring Budget to a single Autumn Budget. That didn’t survive a change of occupancy at number 11."

The chancellor's Autumn Statement plan for extra £23bn of infrastructure spending is "significant", says Mr Johnson. 

"Often announcements of additional capital spending are over-hyped. That was not the case yesterday," he said. 

"[The government] will take public sector net investment to around 2.3% of GDP - pretty much exactly Labour’s pre-crisis planned level of investment, and well above the average over the last 30 years."

In the UK, living standards are the worst for quite some time, Paul Johnson of the Institute for Fiscal Studies says: 

“This has, for sure, been the worst decade for living standards certainly since the last war and probably since the 1920s. We’ve seen no increase in average incomes so far and it doesn’t look like we’re going to get much of an increase over the next four or five years either.”

Mr Johnson points out that - despite expectations to the contrary - Mr Hammond gave relatively little to just about managing families, or "Jams", yesterday. 

Mr Hammond directed "most of what largesse he felt able to afford to paying for additional investment spending – roads, housing, research and development – to support the economy in the long run, rather than to pay to support the incomes of the 'just-about-managing', or indeed public services, in the short run", he said.

The one small offer to the Jams was a cut in the taper rate for Universal Credit from 65% to 63%. But he says "this is a small increase in generosity relative to the cuts announced last year".

Paul Johnson of the Institute for Fiscal Studies notes that Mr Hammond embraced "new, much looser, fiscal rules" in yesterday's Autumn Statement. 

This involved "the turning of a £10bn surplus in 2019-20 into a £20bn deficit that year".

"In the face of deteriorating forecasts Mr Hammond neither tightened fiscal policy nor followed his predecessor’s example of sticking with previous spending plans. 

"He loosened by an annual £10bn or so. And he loosened in a rather specific way, mostly by increasing planned capital spending."

The outlook for living standards and for the public finances has "deteriorated pretty sharply" over the last nine months, the director of the Institute for Fiscal Studies has said in the wake of yesterday's Autumn Statement.

This is despite the OBR's forecasts being "modestly upbeat" relative to some other forecasters - in particular the Bank of England - Paul Johnson said.

"The OBR think national income in 2020-21 will be £30 billion lower than they projected back in March – that’s equivalent to £1,000 per household." he said.

Kevin Peachey
Personal finance reporter

The cost of renting a home continues to increase faster than inflation, official figures have revealed.

Private rental prices paid by tenants in Britain rose by 2.3% in the 12 months to October, the Office for National Statistics said.

The picture varied across the country. Rents rose by 2.5% in England, were up 0.4% in Wales but were down by 0.2% in Scotland.

In his Autumn Statement, Chancellor Philip Hammond signalled the government's intention to plan upfront lettings fees being charged to tenants. Landlords will face the charges instead.  

Simon Jack
BBC Business Editor

Young Scottish company bought by bigger Chinese rival for £1.4bn. Is this good news or bad news?

Is it another vote of confidence in a UK "open for business"? Or is it a crying shame to see another of the crown jewels of UK technology sold to a foreign acquiror?

Earlier this year, Skyscanner successfully raised £120m from investors to fund expansion and acquisitions - and yet it finds itself being acquired.

Just yesterday the Chancellor proudly announced a £400m fund to help small companies grew into the giants of tomorrow rather than selling up to the first foreign rival who writes a big enough cheque.

Its not the first time deals have provoked mixed feelings. Previous ministers have shown concern when important British companies fall into foreign hands.

Vince Cable, when Business Secretary, wanted to make it more difficult by imposing a "national interest" test and seek commitments to preserve jobs and investment after Kraft cut jobs after aquiring Cadbury and Pfizer threatened to swallow Astra Zeneca.

The truth is that Skyscanner doesn't really fit into either of these categories

The Chancellor's new fund is for small companies that sell up because they find it hard to raise money - Skyscanner didn't.  It’s also quite a stretch to describe a travel website with 60 UK employees as triggering a national interest veto - even if one existed.

This government may want to take a more interventionist role in business but unless it wants to actually legislate against foreign takeovers (an unthinkable move for a free market conservative party) it will have to accept that deals like this prove that "open for business" also means "up for sale".

BBC Business video journalist Dougal Shaw caught up with Gareth Williams, co-founder of travel search engine Skyscanner, earlier this year.

He offered the business advice he wishes he had been given when he started out.