Chancellor Philip Hammond has delivered his last Autumn Statement as he shakes up the timetable for the Government’s economic and financial statements.
Hammond says: “No other major economy makes tax changes so many times a year and neither should we.”
He adds the spring Budget in March will be the final one, and then the Chancellor will deliver an autumn Budget.
Hammond this will allow tax changes to be considered ahead of the new tax year.
He says: “We will not make significant changes twice a year just for the sake of it. This will bring greater parliamentary scrutiny, is long overdue and brings the UK into line with other countries.”