The UK's GDP growth forecast for 2017-18 has been revised downwards by the Office for Budget Responsibility (OBR) in today's Autumn Statement, with Brexit-related uncertainty expected to cost the country 2.4 percentage points in growth over the next few years.
Meanwhile, Hammond also unveiled a new £23bn National Productivity Investment fund focusing on innovation and infrastructure, which will make investments over a five-year period.
He is also launching a £2.3bn housing infrastructure fund, with the aim to deliver 100,000 new homes in "areas of demand", and a further £1.4bn will go towards 40,000 additional affordable homes.
Hammond is also investing £1.1bn in the transport networks, including £220m to reduce traffic pinch points, £110m for East West Rail and commitment to deliver Oxford to Cambridge Expressway, and more than £1bn for digital infrastructure, as well as 100% business rates relief on new fibre infrastructure.
He has also announced a £1.8bn from Local Growth fund for English regions, which will allocate £556m to local enterprise partnerships (LEPs) in the North of England, £542m to the Midlands and East of England, and £683m to LEPs in the South West, South East and London.
Rural Rate Relief will be increased to 100%, "giving small businesses a tax break worth up to £2,900".
