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  1. Stamp duty to be abolished for all first-time buyers up to £300,000
  2. Official economic growth estimate is downgraded
  3. Business rate cut brought forward and £2.8bn extra for NHS in England
  4. Higher road tax for diesel cars - not vans - to pay for "clean air fund"
  5. Universal Credit - pledges made on reduced waiting and claimant advances
  6. Jeremy Corbyn calls Budget a "record of failure with a forecast of more to come"

Live Reporting

By Chris Johnston, Claire Heald, Dan Macadam and Mary-Ann Russon

All times stated are UK

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Good Night

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It's been a busy day on Business Live covering the Autumn Budget, but all good things must come to an end.

If you'd still like to read more, please check out our Budget 2017 page.

We'll be back bright and early at 06:00 on Thursday morning.

Do join us for all the latest breaking news and analysis from the business world.

'Mixed messages' on diesel

Exhaust coming out of a diesel car

The Society of Motor Manufacturers and Traders (SMMT) is not impressed with the one-off tax on new diesel cars that do not meet the latest emissions standards.

The SMMT's chief executive Mike Hawes says there's a danger that "mixed messages" around diesel - all the stop and go if you like - will confuse the public: there are no additional taxes for the next six months, but then there will be an extra levy. All the while when we want firms and consumers to renew their vehicles with greener new ones, because he says that's "the quickest way to address air quality concerns".

"Manufacturers are investing heavily in the latest low emission technology, however, it's unrealistic to think that we can fast-track the introduction of the next generation of clean diesel technology which takes years to develop, in just four months.

"This budget will also do nothing to remove the oldest, most polluting vehicles from our roads in the coming years.”

Applause for plastic tax

Environment campaigners have been taking stock.

A senior lecturer in marine biology at the University of Exeter Dr Ceri Lewis welcomed the chancellor's Blue Planet II-inspired pledge to use the tax system to tackle single-use plastics which are ending up "in every part of the world's oceans, from the surface to the deepest part of the sea floor, and in the stomachs of every species of marine animals where we have looked for them".

He says it's "a great step towards reducing the problem."

But the Green Party co-leader, Caroline Lucas, thinks a lot more could have been done:

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NHS work-life balance 'must improve'


A former NHS doctor has welcomed the chancellor's announcement that an extra £2.8bn of funding will be put into the health service.

"What matters now is identifying where this additional budget will be allocated. Ensuring the NHS is fit for purpose in the long term must involve large-scale investment that will facilitate the digital transformation needed across the NHS," said Chris McCullough, who is now chief executive of Rotageek - a firm offering data-driven scheduling.

"Employees must feel able to control their work-life balance, or we will continue to see doctors and nurses switching to agencies.”

He sees a role for the kind of business he does, alongside all the other things the NHS could be spending more on.

Tighten your belts

Think tank the Resolution Foundation has been crunching the growth numbers and reaches the alarming conclusion that we won't get a real pay rise until 2025.

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Is the government really compassionate?

This was a budget carefully crafted and designed to show a compassionate government - when ultimately the Chancellor didn't have an awful lot to give, says Roger Bootle of Capital Economics.

He also tells the BBC's Mike Johnson that the funds for Brexit preparations could be used to employ more customs officers and processing British goods moving across the continent.

What will the funds earmarked for Brexit preparations be used for?

Grenfell rehousing should be a top priority

Grenfell Tower

As we reported earlier, the Mayor of London Sadiq Khan has been less than impressed by the Chancellor's Budget, saying that this is the "most anti-London budget ever".

Philip Hammond pledged to spend £28m on mental health services, as well as to pay for a new community space and refurbishment of the Lancaster West estate in west London - where Grenfell Tower is based.

Mr Khan welcomed the investment, but he felt that much more needed to be done apart from that.

"The government needs to do much more to help rehouse those families affected by the tragic fire and that should be done immediately," he told the BBC.

"The government must also support councils to help retrofit building with sprinklers as they can't afford to do that without national funding.

"It's crucial they get on and do this quickly to ensure every tower block in London is safe."

Don't forget about traditional technologies


Tudor Aw, head of the UK tech sector at KPMG, says that while it is good that the government is investing £500m into emerging technologies like AI and 5G in the Budget, it is important not to forget about existing core technologies that power the UK tech industry.

"In particular, the UK has strengths in ‘old-school’ tech sub-sectors such as software, IT services and semi-conductor technology," he said.

"Tech investment should therefore be made in education, regulation, tax and other incentives to ensure our strength in the tech sector is broad based and not just those areas that sit at the top of the latest hype curve.”

What will business think of the Budget?

Simon Jack

BBC Business Editor

A white van

Businesses don't like budgets much. They see the tinkering by the chancellor as a potential administrative burden as they adjust to new rules, thresholds and initiatives.

On that basis they will have been pleased at what the chancellor didn't do.

He didn't lower the turnover threshold at which small businesses must register for VAT; it remains at £85,000.

And white van men and women around the country will appreciate the continuation of the fuel duty freeze on diesel as well as petrol, with the rise in vehicle duty limited to diesel cars only.

Read more here.

Millennials 'ignored' by Budget

Getty Images

Sophie Phillipson, founder of student and graduate network HelloGrads, says that the Budget is ignoring younger adults.

“Abolishing stamp duty for first time buyers is a head-turner. If it had been coupled with measures to protect those in the private rental sector from soaring rents and a lack of regulation, it might have been a more millennial-friendly budget," she said.

“Instead we have a housebuilding plan, and those facing an unaffordable and largely unregulated rental market are sidelined.

“To court millennials, the Government needed to go far beyond token gestures like an age extension to the 16-25 railcard.

"Gimmicks like this are an insult to a generation that’s facing a housing crisis, wages outstripped by inflation, and not enough graduate jobs to go round for those leaving university and shouldering a massive student debt.”

Just to recap

Here's a reminder of what the Chancellor announced today...

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Multiyork collapse puts 550 jobs under threat

Multiyork sofa

It's bad news for Multiyork - the furniture retailer has gone into administration, putting 550 jobs under threat.

The retailer will trade until Christmas at the earliest while administrators Duff & Phelps seek a buyer.

Multiyork will honour all existing orders placed until 22 November and customers will be contacted by the retailer.

Where will the stamp duty cuts apply in the UK?

Map of stamp duty changes

Stamp duty will be abolished immediately for first-time buyers buying a home of up to £300,000, Chancellor Philip Hammond has said.

For properties costing up to £500,000, no stamp duty will be paid on the first £300,000.

The change will apply in England and Northern Ireland.

The stamp duty cuts are not relevant to Scotland as it is devolved, and the change will only apply in Wales up until the end of March, which is when powers will be devolved to Wales.

Read more here.

How does stamp duty work?

Government needs to do more

Getty Images

MPs debating in the House of Commons following the Budget announcement have told the government that more needs to be done to make sure that multinational corporations like Facebook and Google pay their way.

"I think we do need to go a bit further with these multinationals," Dover MP Charlie Elphicke told the Commons.

"Too many think that they're not subject to the rule of law of this country, they behave like they are over-mighty medieval barons who the laws don't apply to in same way.

"I say this House should call time on that viewpoint."

Try out our budget calculator

Have you tried out our budget calculator? See how the tax measures may affect you in the coming year.

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Are we ready for driverless cars?
The government wants autonomous cars on UK roads by 2021, but how can we ensure they're safe?

Resolution Foundation warning

Torsten Bell

Disposable incomes are set to be £540 lower by 2023 than forecast in March and pay rates will not return to levels seen before the financial crash until the middle of the next decade, according to the Resolution Foundation.

The living standards think tank said annual pay was forecast to be £1,000 lower and consequently the UK faced a 17-year downturn before wages returned to 2008 levels.

The think tank warned that Philip Hammond has not taken sufficient action to ease the living standards squeeze, with welfare cuts over the coming years set to heap pressure on low-income families.

Resolution Foundation director Torsten Bell said: "The chancellor has been handed a massive downgrade to expectations for how fast Britain's economy can grow, knocking a full quarter off the growth we can expect over the next five years. While the result for the public finances is grim, the chancellor has chosen to take the extra borrowing on the chin and indeed to borrow more, including welcome new action on housing."

He added: "The chancellor has made the wrong call to press ahead with a damaging freeze on benefits. Welcome moves to reduce the waiting time for Universal Credit are also not matched by dealing with the much bigger challenge of planned cuts to the new benefit."

Hands on the wheel

More reaction to the Budget, this time from the CBI courtesy of business presenter Rob Young:

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Missed opportunity?

Robin Hood, which campaigns for a microtax on banks to raise funds to tackle poverty in the UK and abroad, and climate change, gives its reaction to the Budget:

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'A decent day'

BBC political editor Laura Kuenssberg reflects on the reaction to the Budget from the Conservative backbenches:

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(Not) on the move

Personal finance reporter Kevin Peachey tweets:

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Taxing changes

Claire Evans, a tax partner at Deloitte, comments on the chancellor's measures that will raise £4.8bn in additional tax between now and 2022/23.

She says one proposal involves tripling the time limits for non-payment of offshore tax, meaning HMRC can impose back taxes for at least 12 years without needing to prove deliberate non-compliance.

"In other words, offshore tax is complex, people don’t always get it right despite their best intentions. It is difficult for HMRC to look back and recover tax further than four or six years (depending in the facts) unless they can prove deliberate non-compliance. This measure will lift the lid on greater potential for back taxes," Ms Evans explains.

'Sluggish' starts for new ISAs

Reality Check

Sold sign on a new-build house
Getty Images

Remember the Help to Buy ISA, launched in Budget 2015? It offered a 25% government top-up on savings for first-time buyers costing up to £250,000 outside London and £450,000 in London.

It was originally predicted to cost the government £700m by next April, but only £77m of payments were made in the first 20 months of the scheme. The OBR now expects it to cost just £110m in the whole of 2017-18.

And the Lifetime ISA, which offered similar top-ups for retirement savings or house-buying savings, has had its predicted cost to government cut by 40% after a "sluggish" start.

The Budget in charts

What does productivity look like? Figures from the Office for Budget Responsibility and the Office for National Statistics show that UK productivity growth is slowing down, compared with other G7 nations.

Productivity growth down
Productivity slowdown compared graph

Lib Dems warn on Brexit cost

House of Commons


Jo Swinson

Lib Dem deputy leader Jo Swinson says that although she doesn't always agree with the chancellor, he has been "one of the few voices of reason" in the Cabinet on Brexit.

"His attempts to paint a cheerful picture of the future were rather less successful than his jokes," she tells MPs.

Ms Swinson is critical of the fact that £3bn allotted to deal with Brexit is more than the additional amount announced for the NHS, which "tells its own story".

Bumps on the diesel road

BBC business presenter Rob Young has been assessing the car industry's response to diesel tax changes:

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Budget 2017: Your questions answered

Question marks

BBC business reporter Simon Read answers your questions.

Question marks

Budget 2017: Your questions answered

BBC business reporter Simon Read answers your questions.

Read more

Cable: Brexit slowdown constrains chancellor

Lib Dem leader Sir Vince Cable says the chancellor's choices are "constrained" by circumstance and the productivity problem is "very serious".

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'Drop in the ocean'

BBC News Channel


The London mayor has also criticised the chancellor's housing spending plans.

While he welcomed any help for potential buyers in the capital, Sadiq Khan says: "The idea that this is enough to fix the housing crisis beggars belief. We need to be building far more homes in London, far more genuinely affordable homes."

Looking at projections that a cut in stamp duty could increase prices further up the property ladder, he says: "What the government should have done today is to give financial support to councils and housing associations to build more homes in London from now.

"This demonstrates how out of touch the government is with the needs of Londoners - we needed a step change, and what we have is a drop in the ocean."

Fizz goes out of soft drinks

Reality Check

A glass of cola

The Office for Budget Responsibility has changed the amount it expects the government to raise from the soft drinks industry levy - a tax on drinks with lots of added sugar - which is supposed to be introduced next April.

The OBR had previously said it would raise £520m in the first year, but has now cut that to £275m.

The reason? Apparently market research firm Mintel overestimated the level of consumption of such drinks being consumed in pubs, restaurants and cafes.

Jeremy Corbyn criticises Hammond's Budget
The Labour leader said the Budget announcement didn't do enough to help people out of debt.

The view from Wales

Giving his verdict on the chancellor's plans, Plaid Cymru's Jonathan Edwards tweets:

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OBR: balancing act

BBC business producer Katie Hile is taking the temperature at the Office for Budget Responsibility, where chairman Robert Chote is looking at when - and whether - the UK can balance the books.

The OBR's lowdown on the UK's fiscal outlook is here.

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Five key takeaways

Your bite-sized guide to the Budget...

House of Commons during Budget
  1. Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
  2. Economic growth for this year is downgraded from 2% to 1.5%
  3. NHS services in England will get an extra £2.8bn to help deal with growing pressures
  4. Universal credit: An extra £1.5bn is promised to "address concerns" about the benefits scheme
  5. Jeremy Corbyn calls Budget a "record of failure with a forecast of more to come".

Do the maths

Times property correspondent Tom Knowles tweets:

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'He's blown it'

BBC News Channel

Sadiq Khan

London Mayor Sadiq Khan has been giving his reaction to the Budget:

Businesses will think, we're far better going off to Paris. This is not me talking down to London, I'm just frustrated; this is the most anti-London budget ever. This was the chance for the Chancellor to have a big, bold Budget - and he's blown it."

Diesel dilemma

Richard Westcott

Transport correspondent

Exhaust pipe
Getty Images

If you already have a diesel car, you won't be paying more. That's hardly a surprise, bearing in mind people were encouraged to buy diesels some years ago, to save the planet. The government was not about to slap a big tax on drivers who parted with lots of money in good faith.

From April, though, new diesel buyers probably pay more road tax in the first year. It depends on the emissions test that it had to pass, so ask the dealer before you buy.

The new tax rise will apply until about 2021, by which time all new cars must meet the tighter pollution rules.

And this only applies to cars - not vans or trucks. It's more of a soft, brushing nudge rather than a big push to persuade people away from polluting diesels.

Of course, there is a danger that it convinces drivers to keep their old, dirtier diesel, rather than buy a new, cleaner one.

Markets little moved

City trader
Getty Images

There has been little reaction to Philip Hammond's Budget on the markets.

The FTSE 100 share index is still 0.5% higher at 7,448 points - broadly where it was before the chancellor delivered his speech.

However, shares in Foxtons, the London-focused estate agent which is listed on the FTSE 250, are 6.6% higher, suggesting investors are welcoming the chancellor's stamp duty changes.

Sterling is up 0.2% against the dollar to $1.3268, but down 0.25% against the euro at €1.1249.