These were the main announcements in the Autumn Statement and what key forecasters think about them


Still a bit baffled by the Autumn Statement? Want to know what some of the country's leading economic analysts think of the future?

Here's a summary of the main economic promises that were made by Chancellor of the Exchequer Philip Hammond on Wednesday, together with key forecasts by the Office for Budget Responsibility (OBR) and the Institute for Fiscal Studies (IFS).

Theresa May and philip hammond walk together (Toby Melville/PA)
(Toby Melville/PA)

The Government is forecast to borrow an additional £122 billion over the next five years. The OBR projects borrowing to remain in the red until at least 2021-22. At the March 2016 Budget, borrowing was forecast to return to the black in 2019-20.

The current budget deficit will not now be wiped out until 2019-20, a year later than forecast in March.

Ben Tillson during a Pro Brexit protest (Charlotte Ball/PA)
(Charlotte Ball/PA)

Leaving the European Union is likely to result in an extra £15.2 billion in borrowing by 2020, according to the IFS. This is the equivalent of £290 million per week. In 2015 the UK made a net contribution to the EU of around £199 million per week.

The total 'cost' of Brexit in terms of additional borrowing is projected to be £58.7 billion from 2016-17 to 2020-21.

£16 billion of this amount will be due to lower migration and £10.1 billion thanks to higher inflation, estimates the OBR.

money in a piggy bank (Gareth Fuller/PA)
(Gareth Fuller/PA)

Real average earnings will rise by less than 5% between now and 2021, the IFS forecasts, and will continue to remain below their 2008 levels.

National income in 2020-21 is expected to be £30 billion lower than forecast in March. According to the IFS, this is equivalent to £1,000 per household.

The cost of freezing fuel duty is forecast to cost the Government a total of £4.3 billion over the five years from 2017-18.

This has been almost completely offset by a rise in Insurance Premium Tax, which is expected to bring in £4.1 billion over the same period.

teenager taking a exam (David Davies/PA)
(David Davies/PA)

New spending commitments included in the Autumn Statement include a total of £240 million for expanding grammar schools, £250 million for the Right to Buy scheme and £555 million for improving prison safety.

Public sector net debt (excluding the Bank of England) will rise by the end of the decade to its highest level since 1967-88, estimates the IFS.

The total amount of debt is forecast to rise to £1.95 trillion by 2020-21. In March the equivalent forecast was £1.74 trillion.

The real value of the National Living Wage is likely to rise by just over 20% rather than by 25% over the course of this parliament.