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Chancellor Philip Hammond to give first Autumn Statement on November 23

Published 08/09/2016

Chancellor Philip Hammond will give his first Autumn Statement in November
Chancellor Philip Hammond will give his first Autumn Statement in November

Philip Hammond will give his first Autumn Statement on November 23.

The Chancellor has previously warned that he could use the mini-Budget to "reset" tax and spending policy if there is a downturn in the economy.

Mr Hammond revealed the date as he appeared before peers on the House of Lords Economic Affairs committee.

He said: "The Autumn Statement will set out the government's economic and fiscal plans based on the latest forecasts from the Office for Budget Responsibility.

"In the run up to the Autumn Statement I will be engaging with Britain's business leaders and employee representatives through a series of industry round tables, meetings and visits."

Mr Hammond said attempts to get the economy moving, such as tax cuts or infrastructure projects, should be quick and targeted.

He told peers: "If there is a need at any time to deliver a fiscal stimulus, for broader reasons it has to be a well designed fiscal stimulus.

"It has to be limited in duration, it has to be quick in delivering effect and given our overall fiscal position, which is still unhealthy, ideally it will be contributing to the long-term investment needs of the country."

The Chancellor said there was a "role" for big infrastructure projects, but modest ventures such as road schemes had a more immediate impact.

Mr Hammond said he believed there was still room for action by the Bank of England to take measures to improve the economy but insisted any quantitative easing - printing money - would have to be agreed by the Treasury.

He added: "I don't think we should be cavalier about levels of debt."

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