Business, politicians and the media give their assessment of the Chancellor’s Autumn Statement

“This was sensible and sober [Autumn Statement], but businesses would have liked to see more investment boosting measures.” Institute of Directors initial response on Twitter.

“The Chancellor’s decision to slow the pace of deficit reduction means that we will run into two decades of living beyond our means, which is a frightening prospect. If economic headwinds are so turbulent that the Chancellor felt he had no other choice, then he should have delivered a major package of tax cuts to ease the pressure on families and business, not made new spending pledges with money we simply don’t have.” John O'Connell, Chief Executive of the TaxPayers' Alliance.

“The Chancellor has prioritised a pragmatic down payment on future productivity growth.  His emphasis on R&D, housing and local infrastructure will help businesses in all corners of the UK to invest with greater confidence for the long-term, during turbulent times.  This will be warmly welcomed.  These measures must now be translated into action.  That means tarmac, tracks and telecoms being laid, and clear, deliverable timetables for major projects – only then will they act as a catalyst for investment, jobs and growth.” Carolyn Fairbairn, CBI Director-General.

“So to be clear, Brexit impact on public finances is a deterioration of £220bn by end of parliament. Worse than feared.” Robert Peston, ITV Political Editor.

“Today’s Autumn Statement places on record the abject failure of the last six wasted years and offers little hope for the future.” John McDonnell, Shadow Chancellor of the Exchequer.

“Despite positive – if limited – announcements on bogus self-employment and funding for infrastructure, today’s Autumn Statement was an underwhelming package that does not do enough to support working people now or prepare for a prosperous future outside the EU.” Frances O’Grady, TUC General Secretary.

“Already government spending is nearly half our national income - yet we've just heard proposals to borrow £billions more.” IEA initial response on Twitter.

“OBR forecast of slower growth and higher imported inflation is bad news for the public finances. And lower trend growth a big blow.” Rupert Harrison, former adviser to George Osborne.