Philip Hammond has denied that Britain faces a “gloomy” future despite announcing soaring levels of public borrowing and debt.

The chancellor defended his first autumn statement from claims that it painted an unnecessarily grim picture. He told BBC Breakfast: “I don’t think it was gloomy at all.”

If you feel any of the inclusions in the statement do effect you please contact Fisher & Co. for advice. www.fisher-co.net

Key points
Duty on fuel frozen for seventh year in a row, an average saving of £130 for a car driver and £350 for vans.
Free childcare for working families with three and four-year-olds doubles to 30 hours a week from next September.
Personal tax allowance rises by £500 to £11,500 in April and to £12,500 by 2020.
Higher-rate income tax threshold rises from £43,001 to £45,000 in April and to £50,000 by 2020.
National living wage increases from £7.20 to £7.50 an hour in April, a pay rise of more than £500 a year for a full-time worker.
Fees charged by letting agents to those renting private accommodation to be banned.
Crackdown on dubious whiplash claims, saving drivers £40 on annual insurance premiums.
Draft legislation on a minimum excise tax on cigarettes.
New £23 billion national productivity investment fund to address lack of investment in research and development and spur innovation in housing, rail and road and digital technology.