With huge uncertainty and a great deal of water to pass under the bridge before Brexit on 29 March, The Chancellor has already said that in the event of a No Deal Brexit, there will have to be a second Budget.
Also, No 10 says this is the Budget to end austerity “irrespective of a deal” on Brexit. However, Mr Hammond is under pressure to spell out where the money for these promises is coming from and what ending austerity will mean in practice.
The first of the new style Autumn Budgets, replacing the previous Autumn Statement and Spring Budget.
The first Budget from the beleaguered Conservative government following their narrow summer 2017 Election victory in July, fast on the heels of the first interest rate rise in a decade and the backdrop of troubled BREXIT negotiations.
A clear vision is needed, but it is a difficult balancing act…. and the Government may struggle to get the Budget passed by Parliament
Philip Hammond delivered his first Budget, the first of two in 2017. Set against a backdrop of a stabilising economy, but still needing to cut costs, the opposition seemingly in disarray and challenging and potentially expensive Brexit negotiations looming large on the horizon.
2016 was a tumultuous year, with the BREXIT vote in June, rapidly followed by a new Prime Minister in Teresa May and new Chancellor Philip Hammond’s 2016 Autumn Statement