Chancellor launches desperate bid to avoid showdown with Brexiteers by holding this year’s Budget early
This year’s Budget will be held on Monday October 29
Chancellor Philip Hammond will hold this year’s crucial Budget on Monday October 29th in a desperate bid to avoid a showdown with irate Tory Brexiteers.
The Treasury announced the date yesterday - just days after denying to The Sun that it would be brought forward to avoid a Parliamentary log jam.
It means critical decisions over tax and spending will be presented to MPs before any Brexit deal is agreed with Brussels.
Ardent Eurosceptics have claimed some in their ranks could vote down parts of the Budget in protest at any further concessions to the EU. It marks the first time a Budget or Autumn Statement has been held on Monday since the height of the credit crisis ten years ago.
In November 2008, then Chancellor Alistair Darling said Labour announced a borrowing binge to try and kick-start the economy and lift it out of recession.
Taking to Twitter yesterday, Philip Hammond said: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.”
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Government insiders yesterday admitted the earlier date meant “big economic decisions” were unlikely. But the Chancellor is under pressure to relieve the strain on strivers while finding money for the NHS and the police.
Theresa May earlier this month admitted tax hikes were inevitably going to be required to help pay for a £20 billion NHS windfall.
But experts last week said borrowing had come down at such a rate no new hikes may be needed this year.
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