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Budget to be held on 22 November, Chancellor Hammond says

Budget to be held on 22 November, Chancellor Hammond says”

In November 2016, Hammond said he would instead lay out his plans in the autumn and make a Spring Statement.

Hammond also said changing to an Autumn Budget would bring the United Kingdom in line with other major global economies.

It will be the first budget of its kind, after Mr Hammond used his inaugural Autumn Statement a year ago to scrap both the traditional speech and the spring Budget.

It will be the first Budget since the Conservatives lost their majority in the House of Commons in the snap election in June.

The price pressures could also presage rate rises from the Bank of England, which would doubtless increase financial pessimism amongst United Kingdom households.

Also on Tuesday, the government moved on public sector pay, announcing pay rises for police and prison officers which go beyond the current cap.

It ended a controversial element of the austerity programme enacted by George Osborne following the financial crisis. The OBR is required by law to produce two forecasts a year.



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