AT A GLANCE

● Economy: The Office for Budget Responsibility has upgraded its growth forecasts for the UK economy this year from 1.4 per cent to 2 per cent, while public sector borrowing estimates have been slashed by billions of pounds and real wages will rise through to 2020.

● Business rates: A package of relief totalling £435 million was announced for small businesses. Firms losing small business rate relief will have their monthly increase capped at £50 for a year, some 90 per cent of pubs will be given a £1,000 discount on business rates in 2017, and councils will be given a £300m fund to deliver relief to small businesses.

● Cigarettes and alcohol: There was no change to previously planned upratings of duties on alcohol and tobacco, but a new minimum excise duty will be introduced on cigarettes based on a packet price of £7.35.

● Taxes: Higher paid selfemployed workers are to pay an average of 60p a week more in National Insurance contributions as part of changes to raise an extra £145m by 2021-22. Mr Hammond also announced an £820m tax avoidance clampdown, including action to stop businesses converting capital losses into trading losses and introduction of UK VAT on roaming telecoms services outside the EU

● Oil and gas sector: A review of taxation of North Sea oil producers was announced. The UK government also plans to publish a discussion paper on how to support the industry, which has been hit hard by the slump in oil prices.

● Pensions and savings: A reduction in tax-free allowance on share dividends from £5,000 to £2,000.

● Employment: A further 650,000 people were forecast to be in employment by 2021.

● NHS: Hospitals in England will get £325m to implement their sustainability and transformation plans and another £100m will be put into a new triaging projects south of the Border to help free up hospital beds.

● Transport: Spending of £90m for the North and £23m for the Midlands was announced to address pinch points on roads.