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Budget will be on a Monday to avoid clash with Brexit talks UK's autumn budget date falls before crunch Brexit talks
(about 1 hour later)
Philip Hammond has set the budget date for 29 October, marking the first time since 1962 that the government has unveiled its major set-piece tax and spending plans on a Monday. Philip Hammond has set the next budget for 29 October, marking the first time since 1962 that the government has unveiled its set-piece tax and spending plans on a Monday.
The unusual step from the chancellor to move the budget to the start of the week – as opposed to its normal billing on a Wednesday – comes as the government risks failing to secure a Brexit deal with Brussels and rebellion within its own ranks. It will be the week after a key Brussels Brexit summit and before another summit in mid-November. The unusual step from the chancellor to move the budget to the start of the week – as opposed to keeping it to its normal billing on a Wednesday – comes as the government risks failing to secure a Brexit deal with Brussels and as it encounters rebellion within its own ranks.
The date means there is unlikely to be any deal with Brussels available for the Office for Budget Responsibility, the government’s tax and spending watchdog, to assess in its economic and fiscal risks report, which is published alongside the Treasury’s plans for the years ahead. The date will fall the week after a Brexit summit in Brussels and before another key Brussels Brexit summit mid November. It means there will likely be no Brussels deal available at the time of the budget for the Office for Budget Responsibility to assess in its economic and fiscal risks report (which is published alongside the Treasury’s plans for the years ahead).
The Treasury said the timing was dictated by allowing parliament more time to debate the budget measures before the House of Commons rises for recess on 6 November. It said in a statement: “This will set out the government’s plan to build a stronger, more prosperous economy, building on the recent spring statement and last year’s budget.” The Treasury said the timing allowed parliament more time to debate the budget measures before the Commons rose for recess on 6 November. It said in a statement: “This will set out the government’s plan to build a stronger, more prosperous, economy, building on the recent spring statement and last year’s budget.”
The last time a major fiscal event was held on a Monday was in the midst of the 2008 financial crisis, when the former chancellor Alistair Darling unveiled a pre-Budget report that included an emergency cut in VAT. The last time a large-scale fiscal event was held on a Monday was in the midst of the 2008 financial crisis, when the former chancellor Alistair Darling unveiled a pre-budget report that included an emergency cut in VAT.
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Budget
BrexitBrexit
Philip Hammond
Office for Budget Responsibility
Conservatives
European UnionEuropean Union
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