No firm date for Autumn Budget 2018
Released 11 September 2018
The Chancellor of the Exchequer has stated that he is not yet able to set a firm date for the Autumn Budget 2018.
The Chancellor of the Exchequer, Rt Hon Philip Hammond MP, declined to set a date for the Autumn Budget 2018 in his annual session with the House of Lords Economic Affairs Committee on 11 September 2018. The Chancellor stated that whilst conscious that he did announce the 2017 Autumn Budget date at his appearance in the same committee last year, he was not in a position to do so this year and that he was further acutely conscious of the danger of creating precedent. He further commented that the situation this year was complicated by political events although he had asked the Office for Budget Responsibility (OBR) to begin planning for an Autumn Budget but on the basis that he was not able to give them a firm date at this stage.
The Chair of the Committee noted that the Memorandum of understanding between the Office for Budget Responsibility, HM Treasury, the Department for Work & Pensions and HM Revenue & Customs stated that the Chancellor would give the OBR at least 10 week’s notice of the chosen date for publication of the OBR’s forecasts (ie. the Budget date) but that this was expressed as being “In the absence of exceptional circumstances…’. The Chancellor replied that the ten week convention was a minimum not a maximum period of notice and not to take any assurance that the date would be at least ten weeks’ away.
For more information on the Economic Affairs Committee, see here.