Chancellor Philip Hammond has scrapped the Autumn Statement and will move the Spring Budget to Autumn by 2018.
He said the move will bring the UK in line with other major economies and allow for greater parliamentary scrutiny of measures in each year’s Budget.
Next year’s Spring Budget will be the last, and from 2018 a Spring Statement will respond to forecasts from the Office for Budget Responsibility but won’t see the Chancellor make any new announcements unless the economy takes an unexpected term.
Hammond (pictured) said: “This is my first Autumn Statement as Chancellor.
“After careful discussion and detailed discussion with the Prime Minister I have decided that it will also be my last.
“Mr 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.
“Starting in Autumn 2017 Britain will have an Autumn Budget announcing tax changes well in advance of the start of the tax year.
“From 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 I will of course reserve the right to announce actions at the Spring Statement but I will not make significant changes twice a year just for the sake of it.
“This change will allow for greater parliamentary scrutiny of budget measures ahead of their implementation.
“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 [International Monetary Fund], the IFS [Institute For Fiscal Studies], [The] Institute for Government and many others.”