Housebuilders will receive a major boost in the Autumn Statement today as the Government steps up its affordable housing drive to help address a chronic shortage.

Philip Hammond will use his first fiscal statement since becoming Chancellor to announce a £1.4bn funding injection to help thousands more families to buy a home.

It came as a jump in corporation tax receipts helped to reduce public borrowing last month to its lowest since 2008, handing a boost to Mr Hammond on the eve of the Autumn Statement.

Higher national insurance, VAT and a 24pc jump in corporation tax revenues pushed down public sector net borrowing, excluding public sector banks, to £4.8bn in October, down from £6.4bn a year ago.

This is the lowest October deficit since 2008, according to the Office for National Statistics (ONS), and well below economists’ estimates for a fall to £6bn.

The Chancellor will announce measures today to help renters and aspiring homeowners as part of a pledge by Theresa May, the Prime Minister, to ensure the economy “works for everyone”.