Chancellor Jeremy Hunt has unveiled the contents of his Autumn Statement in the House of Commons.
He has revealed tax rises and spending cuts worth billions of pounds aimed at mending the nation’s finances.
Here is a summary of the main measures.
• Energy bill aid for households extended beyond April for a further year through an energy price guarantee, but the average annual bill will be £3,000 from the current £2,500. Amounts to around £500 support for households.
• Additional cost of living payments next year of £900 to households on means-tested benefits; £300 to pensioner households and £150 for individuals on disability benefits.
• An additional £1bn of funding to enable a further twelve-month extension to the household support fund.
• Government will proceed with the Sizewell C new nuclear plant with a £700m investment by taxpayers to bolster energy security and diversify further from harmful carbon.
• New funding, from 2025, of a further £6bn in energy efficiency.
• Working age and disability benefits uprated by inflation with an increase of 10.1% at cost of £11bn.
• Over 600,000 more people on Universal Credit to be forced to meet with a work coach in a bid to get more into the workforce and better-paid jobs.
• Increase in social rents to be capped at a maximum of 7% in 2023/24.
• National Living Wage to rise by 9.7% from April to an hourly rate of £10.42, an annual pay rise worth over £1600 to a full time worker.
• Pension credit to rise by 10.1%, worth up to £1470 for a couple and £960 for a single pensioner. This delivers on promise under the so-called triple-lock.
• Reduces the threshold at which the 45p rate becomes payable from £150,000 to £125,140.
• Maintains freeze on the income tax personal allowance, higher rate threshold, main national insurance thresholds and the inheritance tax thresholds for a further two years – to April 2028.
• Dividend allowance will be cut from £2,000 to £1,000 next year and then to £500 from April 2024.
• The annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 next year and then to £3,000 from April 2024.
• From April 2025, electric vehicles will no longer be exempt from vehicle excise duty.
• Stamp duty cuts announced in the mini-budget will remain in place, but only until 31 March 2025.
• Windfall tax on major oil and gas producers raised to 35% from 25%. A 45% energy profits levy rate to be imposed on electricity generators to raise a combined £14bn next year.
• Nearly two thirds of properties will not pay a penny more in business rates next year. Says thousands of pubs, restaurants, and small high street shops will benefit to the tune of £14bn over five years.
• Plan to help make Britain the “new Silicon Valley” will also see public funding for R&D (research and development) increased to £20bn by 2024/5.
• “We will deliver the core Northern Powerhouse Rail”. Promises existing funding for HS2 to Manchester, East West Rail., new hospitals programme and gigabit broadband rollout.
• Adult social care secures additional grant funding of £1bn next year and £1.7bn the year after. Says this means an increase in funding available for the social care sector of up to £2.8bn and £4.7bn respectively.
• Increases the NHS budget, in each of the next two years, by an extra £3.3bn.
• To invest an extra £2.3bn per year in our schools.
• An extra £1.5bn for the Scottish government, £1.2bn for the Welsh government and £650m for the Northern Ireland Executive.
