What time is the Autumn Statement 2016? Date, predictions and what to expect from Philip Hammond’s announcement
The Chancellor of the Exchequer is expected to discuss Brexit, infrastructure and more in his address to Parliament today
THE Chancellor of the Exchequer, Philip Hammond, is gearing up to present his first Autumn Statement to Parliament today, November 23.
The annual update will reveal the government's plans for the economy, including how tax will be used and plans for spending.
This year's Statement is more important than most as it will reveal the state of the UK economy after Britain voted for Brexit.
So what has been predicted so far and what should we expect?
When is the Autumn Statement 2016 and what is it?
This year's event kicks off on Wednesday 23 November. It usually starts at 12:30pm after Prime Minister's Questions.
The previous Chancellor, George Osborne, spoke for less than an hour but it could go on for much longer as there is no time limit.
It's a smaller version of the Budget and is a speech from the Chancellor of Exchequer, who tells Parliament what is happening with the economy and what will be done to manage it over the next few months.
What can we expect from the Autumn Statement 2016?
We can expect Mr Hammond to deliver the Office for Budget Responsibility's annual update on the public finances and economy.
He will also make some more general predictions for the year ahead.
In previous years the Autumn Statement was used as an opportunity for the Chancellor to showcase large deals with businesses and grand plans.
But Hammond has reportedly told colleagues that he wants to move away from "gimmicks" and bring the Autumn Statement back to its original function - fiscal forecasting.
He has already revealed that he has no plans to change monetary policy (the way the Bank of England control the supply of money) but may completely "reset" fiscal policy.
He will also move George Osborne's target of achieving a budget surplus by 2020 and will reveal a new target.
The Sun revealed he will sign off on a £5billion plan including measures to ease traffic jams, improve railways, build more homes in order to get our infrastructure in better shape ahead of Brexit negotiations.
And he will likely use the Office of Budget Responsibility report released in the run-up to the Statement to boast that the Government is tackling spending.
The OBR revealed Government spending in October fell to£4.8bn from £6.4bn in the same month last year.
The research by the Guardian and ICM will be leapt on by Phillip Hammond.
However, Government debt is still at £1.6 TRILLION.
There will also be talk of 'jams' -- people who are 'just about managing' -- in a pitch to Labour supporters fed up with Corbyn's loony project.
What will Philip Hammond talk about in the Autumn Statement?
Fiscal policy
Mr Hammond previously said he may use the Statement to "reset" Britain's fiscal policy if necessary.
The fiscal policy is the way the government adjusts its spending levels and tax rates to monitor and influence the economy.
Earlier this year he said: "Over the medium term we will have the opportunity with our Autumn Statement, our regular late year fiscal event, to reset fiscal policy if we deem it necessary to do so in the light of the data that will emerge over the coming months."
Brexit
This will be the first opportunity to discuss the impact of the Brexit vote on the economy and a chance to map out the government's new economic policy as a result.
Earlier this month Hammond said the UK is strong but the Treasury will plan for the "ups and downs" caused by Brexit.
He said: "The data for the first half of 2016 has been revised up to show that the economy going into the referendum was stronger than we thought.
“That doesn’t alter the fact that I expect there to be a period of turbulence as the economy responds to the uncertainty that the vote has created, and adjusts to the changed arrangement with the European Union.
“Although the economy has been resilient, we have to expect and plan for ups and downs that will be seen over the next 24 months as we negotiate our exit from the EU.”
In May's Budget George Osborne said it was in the EU's interest for the UK to have free access to markets and in the interests of EU countries' economies for London to remain the main financial hub in Europe.
He added that the government would provide support to the economy as necessary during the Brexit negotiation process.
Many people are also looking for Hammond to provide reassurance to EU nationals living in the UK about what will happen after Brexit and to answer whether they will be deported.
He has so far refused to comment, simply saying that he hopes the government can "reach an agreement" which gives reciprocal rights for EU and UK citizens - but if that can't be reached, then the UK will decide what to do.
Infrastructure
Hammond has said he will announce spending and investment on transport infrastructure, saying earlier this year that the government can invest in an economy growing faster by "improving transport infrastructure and power generation while fostering research and new technology."
He added: "Now is a good time to invest in genuinely productivity-enhancing infrastructure, and to take advantage of low borrowing costs and our ability to borrow.
"But this is not about a fiscal splurge. It is about supporting the economy in a measured and balanced way."
He also hinted about revealing a project which could boost the roads and train lines, saying there is a role for "big, strategic projects".
He added: “Often it is modest, rapidly deliverable investments that can have the most immediate impact, particularly on the road network, but also in some places on the rail network.”
Tax
Mr Hammond may bring in new tax cuts in a bid to boost the economy. If he cuts capital gains and stamp duty he could raise productivity growth and investment. Another idea is to cut VAT and boost consumer spending.
He has indicated that corporation tax will not be slashed, despite Mr Osborne's plans to do so.
Tax reform could also be on the cards, following calls from 14 senior business leaders who say that the UK tax code system is holding back economic growth because it is too complex.
In a letter to The Times, they said that the "excessively complex tax system" needs changing.
There have also been calls for the second home stamp duty, introduced in April, to be scrapped.
Biography: Philip Hammond
Philip Hammond became Chancellor of the Exchequer on July 13, having previously held roles including Foreign Secretary, Secretary of State for Defence and Secretary of State for Transport.
The 60-year-old, who lives in Surrey, is married and has three children and a dog.
The Remain supporter has been MP for Runnymede and Weybridge since 1997.
Before coming to parliament he had worked as a company director and adviser to the government of Malawi
He studied philosophy, politics and Economics at Oxford University.
Living Wage
The Chancellor is expected to use his first Autumn Statement to raise the National Living Wage.
Minimum wages will increase 30p an hour to £7.50. The rise is 10p lower than some expected because average wages have steadied. But it still means a £600-a-year pay rise to full-time employees who work a 38-hour week.
Housing
The statement is expected to include plans to boost house building.
A £3bn housing fund has already been announced and further measures are anticipated.
Philip Hammond is also expected to impose a ban on the agent fees slapped on rental properties.
Letting fees have gone up 60 per cent in the last 5 years, according to Citizens Advice, with some people being charged as much as £700 to rent a single property.
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