Measures to help low-paid workers and invest in affordable housing will be at the heart of Philip Hammond's first Autumn Statement as Chancellor.
Weybridge MP Mr Hammond will read his statement at 12.30pm today in the House of Commons - his first economical announcement since his appointment in June following the Brexit result.
Mr Hammond is expected to announce a 4 per cent rise in the minimum wage for over-25s - known by ministers as the National Living Wage - to £7.50 an hour from April 2017.
He will also help an estimated three million families with changes to the "taper rate" for Universal Credit, which will allow low-paid workers to keep an additional 2p of every extra pound they earn.
Meanwhile, a £1.4 billion injection into affordable housing will help build an estimated 40,000 new homes, while Mr Hammond will introduce a ban on letting agency fees to stop 4.3 million families in private rentals being hit by upfront charges running into hundreds of pounds.
The announcements form part of a statement expected to be dominated by the costs of Brexit, with reports suggesting that the hit to public finances from withdrawal from the EU could reach £100 billion over five years.
Here's what some of your MPs have to say ahead of the statement:
Hope so too! Scrapping letting fees are simple changes that would go a long way to create a fairer marketplace for renters #AutumnStatement https://t.co/5bRC6vCvbJ
— Tom Brake MP (@thomasbrake) November 22, 2016
Delighted to hear @SadiqKhan calling for more powers for London in tomorrow's Autumn Statement #devolution
— Steve Reed (@SteveReedMP) November 22, 2016
Will @PHammondMP cut the #NationalLivingWage loopholes today? #AutumnStatement
— Siobhain McDonagh MP (@Siobhain_MP) November 23, 2016
People across the country are having wages cut by £000s!
- Got a story? Call the newsdesk on 0208 722 6313 or email rachel.dickerson@london.newsquest.co.uk
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