Chancellor to deliver Autumn Statement on 23 November
The Chancellor Philip Hammond will deliver his first Autumn Statement on Wednesday 23 November, it has been announced. The date was revealed in an appearance before the House of Lords Economic Affairs Committee. He said: ‘In the run-up to the Autumn Statement, I will be engaging with Britain’s business leaders and employee representatives through a series of industry round tables, meetings and visits.’
The Statement will outline the Government’s plans for spending and taxation, and is based on the latest forecasts from the Office for Budget Responsibility (OBR).
In the wake of considerable political and economic uncertainty generated by the vote to leave the EU, many expect the much-anticipated Autumn Statement to serve as a ‘mini Budget’, outlining how the Government intends to use tax and spending plans to boost the UK economy following the vote. The Chancellor had previously warned that he may have to ‘reset’ fiscal policy, suggesting that the Statement could contain significant measures.
Meanwhile, with the announcement of the date, many business groups may be beginning to create their Autumn Statement ‘wish list’.
The Institute of Directors (IoD) has already expressed its wishes: Simon Walker, Director General of the IoD, stated: ‘We need the Government to produce a bumper, feel-good Autumn Statement. Increasing tax breaks for investment and cutting corporation tax would be a very good start, as would delaying the poorly-designed Apprenticeship Levy.’