BUDGET AT A GLANCE

The Chancellor is setting aside £3bn over the next two years for Brexit preparations and stands ready to allocate further sums if and when needed.

The OBR expects debt to peak this year and then gradually fall as a share of GDP, Mr Hammond said this was a “turning point in our recovery”.

Investment of £500m in a range of technological initiatives ranging from artificial intelligence, to 5G and full fibre broadband.

Support for electric vehicles through the establishment of a new £400m charging infrastructure fund, an extra £100m in plug-in-car grant, and £40m for charging R&D. £1.2bn more for the Welsh Government. Reforms to Universal Credit to remove the seven-day waiting period so entitlement starts on the day of the claim and to ensure that any household needing an advance can access a full month’s payment within five days of applying.

National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.

Income tax-free personal allowance to rise to £11,850 and higher rate threshold to £46,350 in April 2018, leaving the typical basic rate tax payer £1,075 a year better off compared to 2010.

Tobacco duty escalator to continue at inflation plus 2%, with an additional 1% duty on hand rolling tobacco this year. Legislation to increase duty on high-strength low-quality alcohol from 2019, but duties on other ciders, wines, spirits and on beer to be frozen.

Cancellation of fuel duty rise for both petrol and diesel which had been scheduled for April.

Income tax to be applied from April 2019 on digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction, raising about £200m a year.

At least £44 billion of capital funding, loans and guarantees over five years to support house-building and deliver 300,000 new homes a year.

Abolition of stamp duty for all first-time buyer home purchases in England up to £300,000

Additional commitment of £2.8bn to the NHS in England