Chancellor Philip Hammond has delivered his last Autumn Statement as he shakes up the timetable for the Government’s economic and financial statements.
Hammond says: “No other major economy makes hundreds of tax changes twice a year and neither should we.”
He says the spring Budget in March will be the final one, and then the Chancellor will deliver an autumn Budget. Hammond this will allow tax changes to be considered ahead of the new tax year and provide greater Parliamentary scrutiny.
He says: “This is my first Autumn Statement as Chancellor.
“After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last.
“Mr Speaker I am abolishing the Autumn Statement. Starting in autumn 2017, Britain will have an autumn Budget, announcing tax changes well in advance of the start of the tax year.
“From 2018 there will be a Spring Statement, responding to the forecast from the Office for Budget responsibility, but no major fiscal event.
“If unexpected changes in the economy require it, then I will, of course, announce actions at the Spring Statement, but I won’t make significant changes twice a year just for the sake of it.
“Mr Speaker, this is a long-overdue reform to our tax-policy making process and brings the UK into line with best practice recommended by the IMF, IFS, Institute for Government and many others.”