When is the autumn statement 2023? Jeremy Hunt confirms date
The Treasury has set a date for this year’s autumn statement, which will be presented by the chancellor, Jeremy Hunt.
The first autumn statement was released in 1975 as a result of a law requiring the government to release two economic updates annually. The spring statement is usually presented in March, just before the start of the new financial year on April 6.
So, when is the autumn statement and what does it usually contain?
When is the autumn statement?
The autumn statement will be set out on November 22. Mr Hunt has commissioned an Office for Budget Responsibility (OBR) forecast, which will be presented alongside the statement.
What is the autumn statement and what does it contain?
The UK government's anticipated spending and revenue generation are outlined in the autumn statement, which is an annual report given to the House of Commons by the Chancellor of the Exchequer.
Income tax and corporation tax announcements are always included in the budget as they need to be renewed by legislation each year. The budget includes suggestions for public spending for the fiscal year as well as statistics on the status of the UK economy.
Pressure on defence funding is likely to be applied to the Treasury and new Defence Secretary Grant Shapps.
Ben Wallace, Mr Shapps' predecessor who left the position last week, had long expressed a desire for increased funding for the UK military.
How is it different from the spring budget?
In recent years, the line has blurred but the autumn statement usually provides less information about taxation. The spring budget often focuses exclusively on taxation policies, while the autumn statement typically discusses the OBR's economic forecasts and broad spending targets for ministries as well.
The budget was always announced in the spring. However, in 2017, to provide lawmakers with enough time to pass legislation before the start of the fiscal year, the budget was shifted to the autumn.
When was the last autumn statement?
The last autumn statement took place on November 17, 2022.
The 2022 autumn statement came at a tumultuous time. Mid-September saw the announcement of major tax cuts, which were mostly undone by mid-October. There had been three chancellors and three prime ministers in the space of three months and Prime Minister Rishi Sunak claimed that the UK's reputation has taken “a bit of a knock” abroad.
A huge focus for the statement was tackling rising inflation, which reached 11.1 per cent in October 2022, the highest rate since October 1981, which put pressure on household finances.
