Philip Hammond reveals Budget will take place just days after crunch Brexit summit
The next Budget will take place just days after a crunch summit that could decide the fate of Theresa May's Brexit talks, Philip Hammond has confirmed.
The Chancellor said the set-piece tax-and-spend statement would take place on October 29 - ten days after EU leaders meet to decide whether they think Mrs May's plans to leave the European Union are up to scratch.
Mr Hammond said: "I'm pleased to announce the Budget will take place on 29 October.
"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."
The move means the Budget comes hot on the heels of the October 18 European Council summit which has been seen as a crucial moment in negotiations with the EU.
It could also be sandwiched between a fresh November meeting which European Council president Donald Tusk last week said was likely to take place if EU leaders believe they can "finalise" a deal.
PoliticsHome understands the Budget - which, unusually, will take place on a Monday - is likely to be a no-frills affair, with big bang announcements saved for the government-wide Spending Review pencilled in for next year.
Theresa May today unveiled plans for a fresh cut to corporation tax in a bid to convince businesses to invest in Britain after Brexit.
Mrs May pledged to slash corporation tax from 19% to 17% as part of an “unequivocally pro-business” new tax regime.
Speaking at the Bloomberg Business Forum, she said: “Whatever your business, investing in a post-Brexit Britain will give you the lowest rate of corporation tax in the G20.
“You will access service industries and a financial centre in London that are the envy of the world; the best universities, strong institutions, a sound approach to public finance and a consistent and dependable approach to high standards but intelligent regulation.”