By Lyndsey Hall
On Wednesday 23rd November, the first post-Brexit Autumn Statement will be announced by the newest Chancellor of the Exchequer, Philip Hammond.
Hammond is expected to reveal grim economic forecasts in his first set-piece House of Commons Statement as chancellor. The Office for Budget Responsibility (OBR) will make its first projections of the impact of Brexit on growth and public finances, suggesting a sombre statement this year.
However, the prime minister has asked Hammond to send a strong message to the public that the government will take action to help families that are “just about managing”—dubbed Jams. The Treasury has been put under pressure to make resources available to help those “working around the clock” to make ends meet.
A few policies that we expect to make an appearance are:
- Freezing fuel duty for motorists
- Boosting support for childcare and helping low-income families to save
- Increasing the tax-free personal allowance
- Investment in housing, road and rail
From what we’ve seen of the new Tory government so far, Hammond is more fiscally conservative than PM Teresa May, but perhaps less so than ex-chancellor Osborne. He has already said that he will be easing p on some of George Osborne’s austerity measures. For example, he doesn’t expect to reduce the deficit and build up a surplus by 2020. Instead, he will relax the measures his predecessor announced, and delay the debt payment slightly.
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