The Chancellor has announced that the Autumn Budget 2018 will be held on Monday, 29 October 2018. The announcement was made on the GOV.UK website. The Treasury said the Budget will set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget.
Earlier this month the Chancellor had stated before the House of Lords Economic Affairs Committee that he was not yet in a position to announce a date for the Autumn Budget 2018 saying it was ‘difficult to fix’. The October date means that the Autumn Budget will take place before important Brexit meetings scheduled for November. The timing of the Budget should allow the Finance Bill to pass through Parliament before any last minute Brexit legislation. However, for now no-one can predict what exact shape Brexit will take.
This is the second Budget to take place in the autumn following the government’s decision to switch to a new Budget cycle. The Budget will be followed by a Spring Statement in 2019 where the government retains the option to make changes to fiscal policy if the economic circumstances require it.
Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech at the end of October.