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Autumn Statement 2023

14 September 2023

Chancellor Jeremy Hunt's November 22, 2023 Autumn Statement prioritizes inflation control, with potential delays to major tax cuts, possibly pushing the annual Budget to spring 2024.

Chancellor, Jeremy Hunt, announced he will deliver his Autumn Statement to the House of Commons on Wednesday, 22 November 2023. This move would imply that the annual Budget will not take place until the spring of 2024.

The Autumn Statement is used to give an update on the state of the economy and will respond to the economic and fiscal forecast published by the independent Office for Budget Responsibility (OBR). The Autumn Statement also presents an opportunity for the government to publish consultations. It includes initiating early-stage calls for evidence and consultations on long-term tax policy issues.

The OBR has an executive responsibility for producing the official UK economic and fiscal forecasts. It is also responsible for evaluating the government’s performance against fiscal targets. Additionally the OBR assesses the sustainability of risks to the public finances and scrutinises government tax and welfare spending.

The Chancellor has made it clear that the main focus of the Autumn Statement will be to continue with measures to bring down inflation. We are therefore unlikely to see any major tax cuts that could further fuel inflation.

Source: HM Treasury Tue, 12 Sep 2023 00:00:00 +0100

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