Chancellor Jeremy Hunt sets out plan to boost economy and cut taxes in Autumn Statement

The Chancellor's speech on Wednesday, delivered with an eye on a general election expected next year, said his plan will "raise business investment, get more people into work, reduce inflation" and increase the size of the economy.

He said universal credit and other benefits will increase by 6.7%, in line with September's inflation figure, ending speculation the Government could have used the cheaper October figure.

Mr Hunt also confirmed the triple-lock formula for state pension rises would be implemented as usual, meaning the state pension will rise by 8.5% in line with average earnings, worth up to £900 more a year.

He said: "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.

"We have supported families with rising bills, cut borrowing and halved inflation.

"Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen.

"Our plan for the British economy is working. But the work is not done."

In other announcements, Mr Hunt:

- Promised £7 million over three years for organisations to tackle antisemitism.

- Said national debt was forecast by the Office for Budget Responsibility to be lower than previously expected in every year of the forecast through to 2028-29.