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Chancellor Calls Early Budget to Avoid Brexit Clash

27th September 2018

 By Esmée Hardwick-Slack

 

Chancellor calls early budget

Philip Hammond announced the Budget will take place on 29 Oct.

 

Chancellor Philip Hammond has announced that he has brought forward the annual Budget to avoid it becoming embroiled in the final stage of Brexit negotiation in November. Previously the Treasury had expected the budget to be held towards the end of November or early December.

Mr Hammond sent out a tweet noting the date and said the governments approach to the economy was “getting debt falling while supporting our vital public services”.

 

The Chancellor and Prime Minister Theresa May, have agreed to bring forward the Budget to avoid it clashing with the current phase of Brexit negotiations, set to climax on the weekend of November 17-18, and to avoid the likely upheaval that would accompany any exit deal.  The Budget will be announced 3 weeks earlier than last year and will come after a meeting of EU leaders on 18 October in Brussels, described by European Council President Donald Tusk as the “moment of truth” for reaching a final Brexit deal.

One government insider has noted that Mr Hammond is likely to be cautious stating “it would be premature to make economic decisions when you don’t know what your trading relations will be with your biggest trading partners”.

 

What are your thoughts on the Budget announcement being brought forward?

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