The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor said that the budget will ‘set out our thinking on how to keep the economy strong and resilient and fair. An economy that works for everyone’.
This will be the first Budget to take place in November following the government’s decision to switch to a new cycle with the annual Budget taking place in the autumn. In order to commence the new schedule we have the unusual scenario of two Budget dates in 2017.
The Budget cycle will then continue annually from autumn 2018. Each spring also starting in 2018 there will be a Spring Statement. The government retains the option to make changes to fiscal policy at the Spring Statement if the economic circumstances require it.
Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech in November.
This Budget is likely to bring a number of important announcements as the government negotiates Britain’s exit from the EU, deals with rising inflation and an uncertain economic outlook.