‘The figures speak for themselves. Growth down, wage growth down, business investment down, and their own deficit target failed.’

Shadow Chancellor John McDonnell

‘Reducing the frequency of fiscal events along with the commitment to stick with the tax roadmap will
provide stability for businesses. Importantly, the new fiscal rules provide the government with welcome
flexibility, while remaining prudent in uncertain times.’

Carolyn Fairbairn, Director General of the Confederation of British Industry

‘The official figures have revealed a £220bn Brexit black hole – hundreds of billions taken out of our
economy when we need it most. Given how bad the outlook is, it’s no wonder the Chancellor doesn’t want to have to do another Autumn Statement.’

Tim Farron, Leader of the Liberal Democrats

‘The Chancellor’s strong focus on the growth requirements of our cities, regions and nations will not go
unnoticed in business communities across the UK.’

Adam Marshall, Director General of the British Chambers of Commerce

‘Today’s OBR forecast shows that the average annual wage will be £1,000 lower in 2020 than predicted at the Budget. And this is on top of wages still having not recovered to their 2007 levels.’

Frances O’Grady, General Secretary of the Trades Union Congress

‘We resolve today to confront [our] challenges head on. To prepare our country to seize the opportunities ahead. And in doing so, to build an economy that works for everyone… and where every corner of this United Kingdom is part of our national success.’

Chancellor Philip Hammond

23 November 2016

This publication was prepared immediately following the Chancellor’s Autumn Statement based on official press
releases and supporting documentation. The publication is for guidance only, and professional advice should be
obtained before acting on any information contained herein. No responsibility can be accepted by the publishers or the distributors for any loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.