Today, the Chancellor of the Exchequer, Philip Hammond, delivered the Autumn Statement.
I have picked out the ten main points that will be of most interest to residents of Witney & West Oxfordshire:
1)
A National Productivity Investment Fund has been announced, worth £23 billion, that is the backbone of the government's industrial strategy. Every penny will be earmarked for high value generating infrastructure and research, including an extra £2bn per year by 2020-2021 for additional development in Research & Development.
2)
A new £2 billion Housing Infrastructure Fund will support 100,000 new homes, and an additional £1.4 billion to deliver 40,000 more homes that people can afford; unlocking housing where it is needed most.
3)
The Roads Fund, funded by Vehicle Excise Duty, will continue its work to secure a reliable transport network for the UK. It will invest £1.1 billion more in local transport and £220 million to address pinch points on strategic roads.
4)
£110m for East West Rail and commitment to deliver Oxford to Cambridge Expressway.
5)
A further £1 billion will be invested into our digital infrastructure and businesses will receive 100% rates relief on new fibre infrastructure to support the further roll out of broadband to homes and businesses. These changes will help Britain become a world leader in 5G technology, with a full fibre-optic network, providing a significant step up in speed, security and reliability. This is essential in enabling businesses to achieve their potential to grow and expand.
6)
Corporation Tax is set to fall to 17%, making it by far the lowest in the G20. The business rates reduction package worth £6.7 billion will be implemented, alongside an increase to Rural Rate Relief to 100%. This will give small business in rural areas an additional rate saving of up to £2,900 per year, supporting the small businesses that are the lifeblood of our rural communities.
7)
The government will deliver on its commitment to raising the personal allowance even further to £12,500, and the higher rate threshold to £50,000 by the end of Parliament.
8)
National Living Wage will increase from £7.20 to £7.50 in April 2017 – a further pay rise for 1.3 million people, worth over £500 a year for a full-time worker.
9)
A new, market-leading savings bond will be launched allowing people to deposit up to £3,000, benefitting around 2 million savers.
10)
The fuel duty rise that is scheduled for April is cancelled – keeping it frozen for the seventh consecutive year.