The UK's deficit will no longer be cleared by 2020 according to this year's Budget statement, with the economy set to be £122bn worse off by that point than previously thought.

Weybridge MP Philip Hammond announced his first Autumn Statement as Chancellor of the Exchequer at 12.30pm in the Commons today, his first economical statement since his appointment in June.

Mr Hammond said the target to clear the deficit would be cleared "as early as possible" after the original target of 2020.

He stressed that Brexit would have an impact on the economy, making it "more urgent than ever" to tackle long term economic weaknesses.

Here are the top points made in today's budget:

  • The National Living Wage will increase to £7.50 per hour from April 2017
  • The Personal Tax Allowance will go up to £12,500 by 2020 - increasing with inflation after that
  • ISA allowances will go from £15,240 to £20,000 by next year
  • Fuel duty prices have been frozen for the sixth consecutive year, saving the average driver £75 in duty costs per year
  • More land is to be unlocked to build housing
  • The rate at which benefits are withdrawn from people when they start work will be reduced
  • Upfront fees imposed by lettings agents in England will be banned

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