What time is the Budget 2017 today, why isn’t it called the Autumn Statement and what is Philip Hammond’s red box?

CHANCELLOR Philip Hammond is presenting the next budget today, laying out the Government’s latest economic plan for the country.

Here’s what time you can catch it, and why it’s no longer known as the Autumn Statement.

What time is today’s Budget?

Philip Hammond will present his next budget at 12.30pm on Wednesday, November 22 (TODAY).

The Budget, presented in the House of Commons, will set out the Government’s economic plan for the country.

It is the first time in more than 20 years the budget will be presented in the autumn.

The change means that tax changes are revealed well in advance of the new tax year in April.

Why isn’t it called the Autumn Statement any more?

The autumn statement was scrapped by Philip Hammond in 2016.

At the recommendation of the Institute for Fiscal Studies (IFS), there is now a Spring Statement instead, with the Budget presented later in the year.

Spring 2017 saw the last Budget to be held at that time of the year.

In 2018, a Spring Statement will be given for the first time.

The Government has said that changing the tax system once a year, rather than twice, will lead to greater financial stability.

Will the Chancellor still use the red budget box?

You can expect to see Philip Hammond using the red budget suitcase on November 22.

The box is often held up outside 11 Downing Street and used to carry the speech to the House of Commons.

According to HM Treasury: “Ministers are permitted to use ordinary lockable briefcases to transport information which has been classified ‘Confidential’ or below.

“For information with a higher security level (such as ‘Secret’) they are required to use dispatch boxes, which offer a higher level of security, and which are usually red. ”

The briefcase has been used for more then 150 years.

The first box was made for William Gladstone in 1860 and lined with black satin and covered with scarlet leather.