When is the Autumn Budget this year?
With the Autumn Budget scheduled for 29th October, there are only a few days left before the Chancellor, Philip Hammond, outlines his plans for tax and spending for the next financial year.
Unusually for a budget, this will take place on a Monday instead of a Wednesday and is also expected to take place much later at 3.30pm due to MPs travelling in from their constituencies on Monday.
The Chancellor has brought forward the date of the Budget in order to determine the UK’s financial decisions ahead of, and separate to, any Brexit negotiations deadline anticipated in November.
What is the Chancellor likely to address in the Autumn Budget?
Hammond’s speech will detail the last budget when the UK is part of the European Union, so how the economy is preparing for Brexit will be greatly anticipated by many. The Prime Minster Theresa May has promised an end to austerity measures but it remains to be seen whether this will be evidenced in the Chancellor’s speech on Monday.
The UK economic growth improved in the 2nd quarter of this year which looks to have continued into the third quarter too, which could give Philip Hammond more money to play with. However, with Theresa May having already promised £20bn to the NHS by 2023 and no fuel duty for the 9th year in a row, he will want to ensure he retains some funds for a post Brexit economy.
One source of funds would be taxing digital businesses, which has been raised as a way of easing pressure on the declining high street. Addressing talks of an international tax on digital businesses as part of the Autumn Budget would go some way to finding the money to fulfil the Prime Minister’s NHS pledge.
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