Philip Hammond will use his first Autumn Statement to announce measures aimed at improving the living standards of ‘ordinary working class people and their families’, as well as pledging billions of pounds for infrastructure and housing.
The Treasury said the chancellor will today (Wednesday) set out action to improve the affordability of housing and renting, investment in Universal Credit and an increase in the National Living Wage.
Chancellor Philip Hammond
It has previously said that Mr Hammond will announce £1.3bn of spending on roads and transport, and ‘billions’ on other infrastructure, including £1bn on digital connectivity. He will also announce ‘billions’ for research and development and repeat last week's pledge to crack down on whiplash claims.
Among announcements on housing, there will be an additional £1.4bn for affordable housing, ‘which will help build 40,000 new homes’, while restrictions will be relaxed on how existing affordable housing funding can be used.
Providers will now be able to deliver a wide range of products including affordable rent, Shared Ownership and Rent to Buy ‘to support people in different circumstances and at different stages of their lives’.
The Treasury said there will be a rise in the National Living Wage to £7.50 an hour from April 2017, and action to enforce it, while the Chancellor will also reduce the Universal Credit taper to increase work incentives.
Mr Hammond will say that providing economic stability, restoring the public finances and boosting productivity are the single best methods to improve living standards– which last year grew at their fastest rate in 14 years.
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