Ahead of today’s speech, the Chancellor seemed to play down the prospect of any dramatic new policy announcements, instead placing emphasis on a tax and spending plan which would prioritise prudence and stability.
Certainly this wasn’t a delivery sprinkled with giveaways and perhaps the biggest surprise – given that the media had been briefed in advance about many of the headline announcements – was that Mr Hammond’s first Autumn Statement would also be his last.
The decision to condense all the major tax and spending plans into one annual summary is partly designed to give businesses greater stability and this may well be welcomed in the current climate.
Mr Hammond is unlikely to get away from the fact that uncertainty surrounding Britain’s departure from the EU is calculated to have created a £122billion black hole in the national finances.
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