Philip Hammond will present his first Autumn Statement as chancellor to parliament on 23 November 2016.
Appearing before the House of Lords committee, Hammond said that the Autumn Statement to set out the government’s tax and spending plans based on the latest forecast from the Office for Budget Responsibility.
The government has dropped its strategic goal of getting public finances back into surplus by 2020. The chancellor stated in July that he may use the statement to ‘reset’ the economic policy in light of Brexit.
In regards to infrastructure projects the government could use as fiscal stimulus for the economy, Hammond, said:
“Any sensible chancellor would seek to do as much as possible through investment that will not only deliver short-term demand stimulus but will also address longer-term, structural problems in the economy.”
The chancellor, added:
“In the run-up to the Autumn Statement I will be engaging with Britain’s business leaders and employee representatives through a series of industry round tables, meetings and visits.”