Chancellor's Autumn Statement at a glance

Fuel duty rise will be cancelled, saving car drivers £130 and van drivers £350 a year;

A total of £23bn is to be spent on innovation and infrastructure over five years;

There are no plans for further welfare savings in this Parliament;

Insurance premium tax will rise from 10 per cent to 12 per cent next June;

Slower economic growth means the Autumn Statement will become the Autumn Budget from next year;

£556m will be awarded to Local Enterprise Partnerships in the North of England;

The National Living Wage will increase from £7.20 to £7.50 in April next year;

Corporation tax will be reduced to 17 per cent as planned;

Small businesses in rural areas will get a tax break worth up to £2,900 per year through an increase in the Rural Rate Relief.

In the hour after the speech, the value of sterling dipped 0.4 per cent to $1.2371 amid volatile trading.