What do you know about the Autumn Statement?
The Autumn Statement is just around the corner but do you know these 10 facts?
1. The first Autumn statement was in 1976 after an act of Parliament in 1975 made it the governments duty to publish two economic updates a year.
2. When it was first called the Autumn Statement, it fell in early November but nowadays it usually falls at the end of November. So technically it should be called the Winter Statement but there’s been no update on the name. This year it will be held on the 23 November.
3. The Autumn Statement is usually held at 12:30pm after Prime Minister’s Questions and can vary in length. Benjamin Disraeli delivered its older counterpart the Budget at the shortest time of 45 minutes in 1867.
4. How does it differ from the Budget? There isn’t too much of a difference but it’s a lot less weighty. There’s usually fewer announcements and ones with less significance. On the agenda this year, will be topics such as spending plans and financial forecasts.
5. Before the current government it was called the pre-Budget report under Gordon Brown and Alistair Darling. When Kenneth Clarke was chancellor it was known as the Summer Statement.
6. No red box at the autumn statement, this only comes out during the Budget.
7. It’s the chancellor’s second biggest speech of the year after the Budget.
8. It’s the chancellor of the ex-chequer, Philip Hammonds first Autumn Statement since the cabinet reshuffle in the Summer.
9. This year’s Autumn Statement will be the first opportunity to talk about impact of the Brexit vote.
10. Hammond is also set to move George Osbourne’s target of achieving a budget surplus by 2020, and will reveal the new target later on this month.