Chancellor Philip Hammond has announced that he will deliver the Autumn Budget on Wednesday 22 November.
The Autumn Budget will be the second Budget to be delivered this year, and will set out the government’s plans for the UK economy, based on forecasts from the Office for Budget Responsibility (OBR).
It will also outline any tax changes and spending plans for the new tax year.
Mr Hammond stated that the government intends to set its thinking on ‘how to keep the economy strong and resilient and fair’ in order to create ‘an economy that works for everyone’. The Chancellor recently told the Economic Affairs Committee that the UK economy has been ‘overshadowed by the uncertainty of the Brexit negotiation process’.
The 2017 Autumn Budget will be the first of its kind under the government’s new fiscal timetable: during the 2016 Autumn Statement, the Chancellor revealed that the annual Budget will now take place in the Autumn, as opposed to Spring.
Going forwards, Mr Hammond will make a Spring Statement each year, responding to a forecast produced by the OBR.
The first Spring Statement will be delivered in 2018.