Chancellor abolishes Autumn Statement

'Long overdue reform of tax policy making'

Chancellor Philip Hammond has confirmed he will abolish the Autumn Statement in favour of a Budget in the Autumn and updated 'Spring Statement', as he announces a "long overdue reform" of UK tax policy.

Following speculation earlier this year, Hammond has confirmed today's Autumn Statement will be his first and last, and next year's Budget will be the last to take place in March. From 2018, there will be an annual Spring Statement in March, where it will respond to forecasts from the Office of Budget Responsibility but not make major changes unless there is a "major fiscal event", while the annual Budget will then take place in the autumn. Autumn Statement 2016: Chancellor downgrades UK growth forecasts on Brexit uncertainty Hammond said: "No other major economy makes hundreds of ...