Chancellor Philip Hammond will put cheaper housing at the heart of his first Autumn Statement today (23 November).
According to HM Treasury, Mr Hammond will use his first Autumn Statement to unveil a series of measures designed to improve the living standards of ordinary working class people and their families - the so-called 'Jams' (just about managing).
Measures the chancellor is set to introduce include a new Personal Savings Allowance which means that 98 per cent of adults will not have to pay any tax on their savings.
In a statement, HM Treasury said there would be: "Action to improve the affordability of housing and renting, investment in universal credit in order to improve work incentives, and an increase in the National Living Wage.
These actions are part of the government’s plan to help people’s money go further.HM Treasury spokesman"These announcements will help people’s money go further and ensure that we deliver on the Government’s commitment to build a country that works for everyone."
On housing, the chancellor is expected to provide a package of measures delivering on promises to invest in affordable housing.
These will include a £1.4bn cash injection to will help build 40,000 new homes, while restrictions will be relaxed on how existing affordable housing funding can be used.
Other measures include banning letting agent’s fees to help 4.3m households in private rental housing by preventing them from being hit by hundreds of pounds' worth of upfront fees.
With regards to income, the chancellor is predicted to announce another rise in the National Living Wage, and action to enforce it. The chancellor will also make a significant investment into Universal Credit – reducing the taper and increasing work incentives for approximately three million families.
A spokesman for HM Treasury commented: "These actions are part of the government’s plan to help people’s money go further, supporting jobs and earnings, as well increasing fairness, ensuring that everyone feels the full benefits of an economy that works for everyone."
Mr Hammond, the former foreign secretary, is also expected to emphasise that providing economic stability, restoring the public finances and boosting productivity are the single best methods to improve living standards– which last year grew at their fastest rate in 14 years.
James Spence, Managing Partner at Cerno Capital, said: "On infrastructure, surely have they missed the point? The opportunity is to create new conduits for private savings to enter public-private projects and earn coupons and dividends.
"Our hope would be that the relevant parts of the government uses the next six months to design a number of growth enhancing projects that will surely be needed when the real Brexit slow-down comes, as we expect it to do.”
Make sure you join FTAdviser at midday today for our live coverage of the Autumn Statement. We will have a panel of experts on hand to answer all your questions about what Mr Hammond's announcement. Click here for our live coverage - starting at 12pm.
