27th September 2018

After mounting speculation, Chancellor Philip Hammond has announced that the Autumn Budget will take place on Monday 29th October 2018, leaving little more than a month for preparation.

This year’s fiscal event, which was envisaged to be taking place in late November or even December, has been brought forward to avoid a clash with the United Kingdom’s ongoing Brexit discussions. The announcement marks the first time since 1962 that the government will reveal its tax and spending plans on a Monday, moving from its traditional Wednesday lunchtime slot.

The date is sandwiched between key Brexit summits in Brussels and there has been concern that the discussions surrounding Britain’s impending exit from the European Union next March could negatively impact any announcements within the Budget.

Tim McElwaine, Tax Senior Manager at UNW, commented: “This Budget will take place in conditions of unusually high economic uncertainty because of the ongoing Brexit negotiations, which seem likely to be reaching the final crunch point shortly before or after it. The Chancellor will have to find some more money for the NHS following Theresa May’s announcement in June, perhaps raising some taxes to support this, and other public services are also showing signs of strain after years of austerity. He will undoubtedly have warm words for business, but may defer big decisions and changes until the outcome of the Brexit negotiations is known.”

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