Increased financial reform may be on the cards if current whispers in Whitehall are anything to go by.The Financial Times is reporting that Chancellor Philip Hammond may be considering abandoning the Autumn Statement.Reportedly to move away from “gimmicks” and “micromanagement” such an announcement is sometimes criticised as engendering.
The double announcements have also been characterised as gibing companies a one-two punch of sometimes substantial upheaval in such a short period of time.
Mr Hammond is understood to have told colleagues that he is considering the prospect of confining spending decisions to a single Budget that will be released in the spring.
This however will have no impact on this year’s statement which will carry on as normal or as it has done since it was known as the “Pre-budget report”.It will also give Hammond, relatively new to his position the opportunity to put his stamp on the economy.The Statement is expected to outline policies for and lay the ground for the upcoming Brexit.It remaining to be seen how vastly his approach will differ from that of his predecessor George Osbourne but there is already wind of substantial change. After hastily cancelling the Brexit budget Mr Hammond has shown he is not afraid to shake things up.It will be interesting to keep an eye on what the assertive Chancellor will decide next.