Critics argue these initiatives would not be necessary if the banks were doing their job instead of persisting in their reluctance to lend to small companies.

The big omissions from a Budget or an Autumn Statement are always revealing. It used to be help for savers. This week the missing element was the squeezed middle. Not households, but firms.

As analysts digested the detail of the Chancellor’s ‘mini-Budget’ the ramifications of reforms to stamp duty, business rates and the North Sea tax regime became clearer…

Geoff Parkes, teaching fellow at Aston Business School in Birmingham, said: ‘Thus far, the scheme has accounted for less than two per cent of all lending to small firms.’

IPSE, a body that represents the self-employed, believes the Chancellor could limit contracts to just a month for freelancers, after which they would be forced on to the client’s payroll.

The Chancellor has pledged to eliminate the record deficit racked up by Labour during the financial crisis and return the country to the black by the end of the decade.

Today George Osborne will reveal details of his Autumn Statement. We round-up what to expect, including his tax credit headache and the predicted pension changes.

Changes sparked a backlash as they were forecast by the Insitute of Fiscal Studies to take £1,000 a year off 3 million families. They have now been halted altogether.

Chancellor George Osborne has confirmed the basic state pension will rise by £3.35 to £119.30 a week from April, while the starting rate for the new single-tier version will be £155.65.

UK Sport has been handed a shock 29 per cent increase in funding, handing a boost to British athletes preparing for the 2016 Olympics in Rio de Janeiro and Tokyo four years later.

We bring you the latest the analysis, reaction and charts from the experts and our own journalists from throughout the day.

To raise £18billion in spending cuts over the five years, George Osborne slashed departments by up to 37 per cent but the NHS, defence and international development are the big winners.

The climbdown means George Osborne (pictured) will breach his self-imposed welfare cap for the next three years, meaning a minister must explain and apologise to Parliament.

Draconian rises signalled by the Chancellor will see the average bill for a Band D household rise up to £320 by 2020/21. George Osborne urged town halls to impose increase to fund social care shortfalls.

HMP Holloway in north London, which has been home to some of Britain's most infamous killers, will be sold off as part of a £1.3billion government overhaul of the UK prison service

George Osborne hit the buy-to-let dream with a big stamp duty hike yesterday, but landlords still have a tax trick they can pull to claim it back.

Part-time students have been handed some good news in today's Autumn Statement with access to maintenance loans to help with living costs during their studies from 2017/18.

Theresa May has told Chancellor Philip Hammond to make middle and low-income families a priority in next week’s Autumn Statement.

Ahead of the Autumn Statement a study has warned that planned welfare curbs and rising inflation are set to deal a major blow to the 'just about managing' group - or 'JAMs'.

The Chancellor will use tomorrow’s Autumn Statement to pledge that two million homes in bigger towns and cities will get access to gold standard ‘full-fibre’ broadband, which can download TV shows.

Insurers have slammed the rise which has pushed the tax up to almost double what it was in 2015 and they predict it will lead to an increase in the number of uninsured drivers on the road.

The analysis, reaction and charts from the experts and our own journalists from throughout the day.

As John McDonnell stood up for his big moment to respond to the Chancellor's spending plans, Labour's MPs were much more interested in their mobile phones than his rambling speech.

The Chancellor reaffirmed the Conservative manifesto commitments to lift the personal allowance to £12,500 and the 40p tax threshold to £50,000 by accelerating progress to meeting the goals.

Philip Hammond announced a further freeze until April 2018, which will keep fuel duty at 57.95p per litre, the level it has been at four more than five years.

The new 'full-fibre' networks will have the capacity to reach speeds of more than 1Gbps, which it is claimed could allow users to download an entire Game Of Thrones series in less than a minute.

The Chancellor has revealed an amended 'taper rate' for the welfare payments, which will allow low-paid workers to keep an additional 2p of every extra pound they earn.

Delivering his first fiscal package since the historic EU referendum vote, the Chancellor insisted the government understands the fury of those who have not shared in the wealth generated by the economy.

Tom Birch, 43, from Bath, earns £100,000 a year in his financial services job and receives extra life insurance, dental cover, and critical illness cover through a salary sacrifice scheme.

Philip Hammond fulfilled his promise to be an un-showy chancellor today as his biggest 'rabbit' turned out to be a joke about his own abolition.

Few can defend the way that letting agents hit tenants with rip-off administrative fees. These firms cash in every time someone rents a new home, writes DAN HYDE.

Philip Hammond said UK output would grow faster than in most EU countries, creating half a million jobs. He vowed to spend billions to boost productivity, build homes and improve transport.

As Hammond speeches go, the Autumn Statement was short and reasonably un-glum. He kept it to 45 minutes. By his own morose standards he was almost skittishly optimistic in places.

Philip Hammond said Britain’s ‘productivity gap’ was ‘well known, but shocking nonetheless’. He told the House of Commons that the UK ‘lags behind’ the US and Germany by 30 per cent.

Hammond has backed recent HMRC proposals for a crackdown on using the loophole for smartphone and gym contracts, buying cars and TVs, or private medical insurance.

A row has erupted in response to the tenant fee ban, with some landlord and agents reacting with fury to what they say are ‘unworkable’ plans that would have a ‘boomerang’ effect.

Philip Hammond told MPs he would be compiling a major report into the impact that state spending on pensioners has on the health and social care of an ageing population.

It was not the kind of Autumn Statement we had come to expect under George Osborne – all fire and brimstone – but Philip Hammond’s debut was not without its nasty side.

The Flat Rate Scheme for VAT, designed to cut bills and red tape for small firms, is being overhauled in a measure the Chancellor said would stem abuse of the scheme.

Currently, employees do not have to pay income tax or national insurance if their redundancy pay is under £30,000.

Professional golfer Paige Spiranac hit back after the LGPA released new dress code guidelines banning plunging necklines and short skirts, which she says is discriminatory against female players.

Stoke City are finalising the transfer of Wigan Athletic's Nick Powell and are interested in Everton's versatile 24-year old defender Matthew Pennington.

Swansea City manager Steve Cooper is keen to sign Reece James from Chelsea. James is recovering from damaging ankle ligaments nd much will hinge on his rehabilitation timeframe.

Barcelona are showing an interest in Manchester City teenage prospect Kian Breckin. The 15-year-old attacking midfielder has caught the eye of the Spanish club's scouts in tournaments.

The Ecuadorian outfit confirmed the 32-year-old's arrival on Friday afternoon by posting a video of Valencia getting used to his new surroundings.

Marco Silva wants new faces this summer with Zaha the top of his wishlist before the window closes. And after drawing a blank against Wigan Athletic, Silva is unlikely to renege on his desire for forwards.

Chelsea wing back Dujon Sterling has joined Championship side Wigan on a season-long loan, with Reece James in line to stay and work under new boss Frank Lampard.

Wigan unveiled their gigantic pie mascot on Friday with fans hoping that the savoury snack (contents unknown) can inspire the Latics to Premier League glory next season.

The 26-year-old is due to have a medical ahead of signing a three year contract with the Championship side.

Crystal Palace tweeted a cringeworthy video to announce the £8million signing of James McCarthy from Everton. The clip shows James McArthur outside an internet cafe.