Philip Hammond reveals Budget will take place just days after crunch Brexit summit

Posted On: 
26th September 2018

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.

Philip Hammond has unveiled the date for the Government's big tax-and-spend plans.

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.

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"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.”