Announcing a fuel duty freeze, National Living Wage increase and measures to ease Universal Credit cuts, Philip Hammond also confirmed he was abandoning a plan by his predecessor George Osborne to achieve a budget surplus.
Measures in the Autumn Statement to help low-paid workers and boost the economy include:
- A National Living Wage rise, from £7.20 to £7.50 in April 2017
- Scrapping a fuel duty rise planned for next April
- Prohibiting fees charged by letting agents to tenants
- A cut in the Universal Credit (UC) taper rate of two per cent to 63 per cent
- A new five-year £23 billion fund for productivity innovation and infrastructure
Christian and Labour MP Rachael Maskell, told Premier Christian Radio the UK's future relationship with the EU is "the biggest issue facing our economy".
The representative for York Central said: "There's more uncertainty out there and underpinning our economy is the most important thing.
"There was no mention of the single market, the customs union [or] future trade; that is really worrying when he is the Chancellor."
The Chancellor's decision to abandon a budget surplus follows the Office for Budget Responsibility slashing growth forecasts for next year from 2.2 per cent to 1.4 per cent, as a result of the vote in June to leave the European Union.
The OBR also anticipates borrowing levels will reach £68.2 billion this year and £59 billion next year, figures both significantly higher than previous estimates of £55.5 billion and £38.8 billion, respectively.
Conservative MP for South West Devon and Christian Gary Streeter told Premier: "I think [Philip Hammond's] a highly competent person, delivering a highly competent and balanced Autumn Statement.
"[He's] helping get our debt down because we've got to live within our means - we can't just keep on borrowing - but within a realistic time period and at the same time investing in our country's future - with infrastructure at the very heart - and that's what we wanted to hear."
Speaking in the House of Commons, Mr Hammond told MPs: "In view of the uncertainty facing the economy, and in the face of slower growth forecasts, we no longer seek to deliver a surplus in 2019-20.
"But the Prime Minister and I remain firmly committed to seeing the public finances return to balance as soon as practicable, while leaving enough flexibility to support the economy in the near term."
Responding to the Chancellor's Autumn Statement, shadow chancellor John McDonnell (pictured above): "Today's statement places on record the abject failure of the last six wasted years and offers no hope for the future."
"We've heard today there'll be more taxes, more debt and more borrowing. The verdict could not be clearer - the so-called long-term economic plan has failed.
"We now face Brexit, the greatest economic challenge of a generation, and we face it unprepared and ill-equipped."
Click here to hear Rachael Maskell MP speaking with Premier's Alex Williams:
Click here to hear Gary Streeter MP speaking with Premier's Alex Williams: