The British government will in November present its first budget since
the country voted to leave the European Union, the Treasury announced on
Thursday.
New finance minister Philip Hammond will give his first Autumn
Statement to lawmakers exactly five months after the referendum backing
Brexit.
“The chancellor of the exchequer, Philip Hammond, has today announced
that he will present his first Autumn Statement to parliament on 23
November 2016,” the Treasury said.
As well as tax and spend plans, the budget will include the
Conservative government’s latest forecasts for British economic growth.
The Autumn Statement is seen as a mini-budget before the main tax and spend announcements given usually in March.
While the risk of recession in Britain caused by Brexit fallout has
diminished following relatively upbeat data releases since the June 23
vote, the economy could still take a turn for the worse.
A leading economic think tank, NIESR, warned Wednesday that “the
probability of a technical recession before the end of 2017 remains
significantly elevated”.
Hammond replaced George Osborne, who resigned as chancellor after the
Remain camp lost the EU referendum. The biggest political casualty was
David Cameron, who stepped down as prime minister and was replaced by
Theresa May.
Hammond meanwhile decided against holding an emergency budget
following the referendum result despite Osborne claiming that one would
have been necessary.
