Autumn statement 2016
The Chancellor, Philip Hammond has announced that he will deliver his first Autumn Statement to the House of Commons on 23 November 2016. This will be the first big statement by the new Chancellor and will help reveal the fiscal direction of the government after the Brexit vote.
The Autumn Statement will be used to give an update on the state of the economy and will respond to the economic and fiscal outlook published by the independent Office for Budget Responsibility. Early indications are that the UK is holding up financially far better than expected after voting to leave the EU. The Chancellor has already hinted at a number of measures to help avoid recession and drive the UK’s economic growth.
As part of his work engaging with business ahead of the Autumn Statement, the Chancellor Philip Hammond said:
‘Britain has always been a great trading nation. We must do everything we can to help British businesses stay globally competitive as we prepare to thrive outside the EU.’
HM Treasury has also published guidance on submitting an Autumn Statement representation. An Autumn Statement representation is a written representation from an interest group, individual or representative body to HM Treasury with the aim of commenting on government policy and suggesting new policy ideas. Submissions should be sent to HM Treasury by 7 October 2016 and can be made by completing a short survey or by emailing HM Treasury.