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Autumn Statement: Everything you need to know about Chancellor Philip Hammond's first budget speech

Chancellor Philip Hammond will make his first ever budget speech, but what is it and when will it happen? Here's what you need to know

In his first ever budget speech as Chancellor, Philip Hammond will deliver the first ever Autumn Statement on Wednesday (November 23).

The Conservative minister is expected to make announcements including letting agents fees and universal credit cuts as he tells the nation how the country's money will be spent.

But exactly what is the Autumn Statement and why should you tune in? Here's everything you need to know ahead of the announcement.

What is the Autumn Statement?

The Autumn Statement is a speech delivered by the Chancellor to the House of Commons explaining how the government plans to spend money.

It usually also includes an outline on the current economy.

Different from the Spring Budget, this speech is more of a forecast and doesn't focus as much on tax.

Chancellor Philip Hammond will deliver his speech and is expected to scrap letting agent fees

When is it and how long is the speech?

The Autumn Statement will be at 12.30pm on Wednesday, November 23, 2016.

The main speech takes about an hour, which will be followed up by a response from Shadow Chancellor and Hayes and Harlington MP John McDonnell.

What are the main changes set to be announced?

This is Mr Hammond's first setpiece speech as Chancellor and he's set to outline a few changes and leave the details for other Ministers to explain.

  • Firstly, he will announce he is banning letting agents from stinging renters for more than £300 each. Charities, Labour and Lib Dems have urged the government to stop the sky-high rates, charged on top of rent and deposits, for the nation's 4.3million private tenants.

  • The Chancellor will also announce a compromise after facing weeks of pressure in his own party to help 3million families on Universal Credit (UC)
  • The minimum wage is rising 4% from £7.20 to £7.50 an hour, according to the Tories' Autumn Statement.
The government have come under scrutiny after a record low number of affordable homes were built 2015/16
  • Chancellor Philip Hammond will announce a £1.4bn fund for affordable homes
  • £1.1bn will be allocated to reduce congestion and upgrade local roads and transport networks, the Treasury announced.

  • There will be £220m to tackle "pinch points" on England's motorways and major A roads, and a 2p rise in fuel will also be scrapped.

Where can I watch it?

The Statement will be streamed live on websites such as the Mirror, but also aired BBC radio and television.

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