\n\tMr Hammond surprised listeners to his autumn statement speech when he said:<\/p>\n
\n\tThis is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last.<\/em><\/p>\n \n\tAnd then quickly followed with:<\/p>\n \n\tMr Speaker I am abolishing the Autumn Statement. No other major economy makes hundreds of tax changes twice a year, and neither should we. So the spring Budget in a few months will be the final spring Budget.<\/em><\/p>\n \n\tStarting in autumn 2017, Britain will have an autumn Budget, announcing tax changes well in advance of the start of the tax year.<\/em><\/p>\n \n\tFrom 2018 there will be a Spring Statement, responding to the forecast from the OBR, but no major fiscal event. If unexpected changes in the economy require it, then I will, of course, announce actions at the Spring Statement, but I won’t make significant changes twice a year just for the sake of it.<\/em><\/p>\n \n\tThis change will also allow for greater Parliamentary scrutiny of Budget measures ahead of their implementation.<\/em><\/p>\n \n\tMr Speaker, this is a long-overdue reform to our tax-policy making process and brings the UK into line with best practice recommended by the IMF, IFS, Institute for government and many others.<\/em><\/p>\n \n\tAccordingly, 2017 will be a busy year for legislation. In effect, there will be two budgets, one in April 2017, and one in the autumn.<\/p>\n \n\tThis is a welcome change as it will provide Parliament and tax advisors with time to absorb changes announced each autumn, before most of the changes become law in the following April – though this won’t stop them being effective from the date of announcement as is often the case, now.<\/p>\n","protected":false},"excerpt":{"rendered":" Mr Hammond surprised listeners to his autumn statement speech when he said: This is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last. And then quickly followed with: Mr Speaker I am abolishing the Autumn Statement. No other […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-2953","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/2953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/comments?post=2953"}],"version-history":[{"count":0,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/2953\/revisions"}],"wp:attachment":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/media?parent=2953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/categories?post=2953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/tags?post=2953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}