The Autumn Statement has been delivered by the Chancellor of the Exchequer Philip Hammond.

There was speculation that the statement would confirm that the long-awaited new Lower Thames Crossing will get the green light and that the Government will set up a new fund to allow existing grammar schools to expand.

Below is a summary of what was said and incoming reaction. Keep refreshing this page for updates.

This tweet from Tunbridge Wells and Dartford-based law firm Thomson, Snell & Passmore seems to sum up the mood from businesses in Kent about the Autumn Statement:

Tweet from Tonbridge and Malling MP Tom Tugendhat:

The Chancellor announced that £492 million is being allocated to Local Enterprise Partnerships (LEPs) in London and the South East.

These are the bodies which distribute cash for projects to stimulate economic growth.

Mr Hammond said the exact distribution of funding would be announced in the near future.

Christian Brodie, chairman of South East LEP, said: “We have submitted a strong bid to Government for funding that would support a range of projects of varying size and scale across the region.

“The news that the Government will be announcing their response to our bid soon is positive, and we look forward to seeing the detail of that announcement and using the funds we receive to further boost the economy of the South East.”

Charlie Elphicke, Dover and Deal MP and chair of the all-party parliamentary group for Fair Fuel, welcomed the freeze on fuel duty for the seventh straight year.

He said: “This is a victory for the hard-working classes of modern Britain.

“I’m delighted the Chancellor listened to the concerns of drivers and FairFuelUK supporters up and down the land.

"He is absolutely right to put more money in the pockets of hard-pressed families and small businesses.”

Chancellor Philip Hammond announced he is to abolish the Autumn Statement. He then announced there would be a spring statement to laughter and hilarity. The spring statement will respond to OBR forecasts but not make fiscal announcements.

Fuel duty freeze extended for seventh straight year.

Universal credit taper rate to be reduced from 65% to 63% in April giving tax cut worth £700m by 2021/22 to three million households.

National Living Wage to rise from £7.20 to £7.50 in April.

Hammond commits to raise personal tax allowance to £12,500 by the end of this Parliament. Higher rate to be set at £50,000.

Hammond commits to cut corporation tax by 17% and business rate cuts worth £6.7bn

A big point: Extra £2 billion to be spent on research and development by 2021.

Chancellor announces £2.3 billion to be spent on 100,000 new homes and £1.4 billion for development of 40,000 affordable homes.

Chancellor announces £23 billion National Productivity Investment Fund to be spent over five years.

New target for net debt to be falling by 2020. A surplus by 2019/20 is no longer a target.

OBR predicts growth of 2.1% in 2016, 1.4% 2017, 1.7% 2018, 2.1% in 2019 and 2020 and 2% in 2021.

1243: Philip Hammond begins Autumn Statement by paying tribute to George Osborne who "took over an economy on the brink of collapse". Says he has a record for which he can be "proud".

Worth following our political editor Paul Francis and business editor Chris Price for updates. Here is what they are saying:

Here are some comments from Kent MPs ahead of today's Autumn Statement:

And here is a Kent businessman's view: