Chancellor Hammond confirms Autumn Statement date

Chancellor Hammond confirms Autumn Statement date

Philip Hammond will give his first Autumn Statement on November 23.

Ahead of the Autumn Statement, Mr Hammond met leading members of the European Financial Services Chairmen's Advisory Committee, including chairman and Santander UK boss Baroness Vadera - a former Labour Treasury minister.

Yet he also hinted that any fiscal stimulus may be limited.

"I don't think that needs to strike fear into the heart of Japanese financial institutions".

Appearing before a House of Lords committee, Hammond hinted that he would use the "autumn statement" to create headroom for the government to step in with support for the economy as households and businesses absorb the shock of the referendum results. He also reprised a theme of his predecessor by emphasising the need for the United Kingdom to urgently improve its weak productivity performance and talked about regional disparities in the economy.

Just days after Britain voted to leave the EU, Hollande said that "other financial centres in the bloc" should prepare to carry out euro clearing if Britain leaves the European Single Market.

"Financial services are one of Britain's great success stories - its exports account for over 12% of the United Kingdom total; it employs over 1 million people, two thirds of whom work outside of London and the South East; and contributes over £60 billion in tax each year to help fund public services".

In July, he prompted speculation that he might be planning a major increase in spending big tax cuts when he made the comment about a possible reset of fiscal policy.

"We are committed to supporting government in delivering a successful outcome from the negotiations". "Often it is modest, rapidly deliverable investments that can have the most immediate impact, particularly on the road network, but also in some places on the rail network", he said.

"Clearly we need to put a new fiscal framework, fiscal rules in place to guide policy as we move away from that target", Mr. Hammond said.