UK Autumn Statement
Latest updates as UK Chancellor Philip Hammond gives his first Autumn Statement
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Bracing for Brexit, UK to ramp up borrowing, cuts growth forecasts
Reuters UKBritain ramped up its borrowing forecasts by much more than expected and said the vote to leave the European Union would weigh heavily on the economy, giving the government little room to ease the Brexit pressure on households and companies.
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UK factories say outlook strong, but price pressures rising - CBI
Reuters UKBritish manufacturers reported their healthiest order books in November since before the Brexit vote and they are their most confident about the near-term outlook in nearly two years, an industry survey showed on Tuesday. -
Almost half of Britons think Brexit vote will hurt economy - Markit survey
Reuters UKAlmost half of households believe Britain's decision to leave the European Union will harm the economy in the long run, up sharply from a couple of months ago, a survey showed on Tuesday. -
Hammond to raise UK borrowing target by 10 billion pounds, funded by T-bills - Poll
Reuters UKChancellor of the exchequer Philip Hammond will need to borrow 10 billion pounds more this financial year than the government previously planned, funded mostly by short-term treasury bills rather than gilts, according to a Reuters poll. -
Britain has little room for business tax cuts, Dutch warn
Reuters UKBritain's budget deficit and high public debt levels will make it hard for the country to introduce business tax cuts to stem an exodus of corporations from the country after it leaves the European Union, the Dutch finance minister said on Tuesday. -
Hammond gets boost from October borrowing data
Reuters UKBritish finance minister Philip Hammond got some rare good news about the country's finances on Tuesday as he finalises his first budget statement, which is still likely to forecast a surge in borrowing as Britain prepares to leave the EU. -
Shares in estate agents Foxtons, Countrywide slump on lettings clampdown
Reuters UKShares in British estate agents Foxtons (FOXT.L) and Countrywide (CWD.L) tumbled on Wednesday after the government said it would crack down on fees imposed on tenants. -
BoE's Forbes says Brexit uncertainty less of a drag on growth
Reuters UKPolitical and economic uncertainty before and after Britain's vote to leave the European Union has proved to be less of a drag on economic growth than might have been expected, Bank of England policymaker Kristin Forbes said on Wednesday. -
Sterling inches lower before budget statement
Reuters UKSterling dipped by a quarter of a percent against the dollar and was marginally weaker against the euro on Wednesday ahead of a government budget statement expected to deliver only marginal additional support for an economy facing more Brexit-based volatility next year. -
0.05 per cent of the UK population pays roughly 13 per cent of the income tax https://t.co/R4EI2tQM3p11:02 AM - 23 Nov 2016
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Hammond breaks with tradition by declining to pose with his red box as he leaves No.11 for the commons to deliver his first autumn statement11:12 AM - 23 Nov 2016
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My #AutumnStatement today is focused on preparing & supporting the economy as we begin writing a new chapter in our country’s history
— Philip Hammond (@PHammondMP) November 23, 2016 -
UK uses 'Autumn statement' to prepare economy for "new chapter"- May's spokeswoman
Chancellor Philip Hammond is using his first detailed policy announcement to help prepare the British economy for "a new chapter", a spokeswoman for Prime Minister Theresa May said on Wednesday.
Hammond outlined his message for the "Autumn Statement", which is due to be unveiled later on Wednesday, to a meeting of May's top ministers.
"The chancellor set out how this is focused on preparing and supporting the economy as we begin writing a new chapter in our country's history," the spokeswoman said.
She said Hammond had told ministers there was a "particular emphasis on raising productivity and by that this is addressing an issue which fundamentally means people in the UK are working longer hours for less pay compared to our comparative countries". -
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Hammond gives help to UK low earners, focus stays on budget gap
Reuters UKBritain's Chancellor will say on Wednesday that he is raising the minimum wage and taking the edge off a benefits squeeze for low earners, but fixing the public finances will be a bigger priority as the country gets ready for Brexit. -
Jeremy Corbyn uses all his questions on NHS/healthcare #PMQs12:14 PM - 23 Nov 2016
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May says setting out detail of Brexit negotiating strategy would be the best way to get the worst deal for Britain #PMQs12:24 PM - 23 Nov 2016
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UK cuts growth forecasts in first budget plan since Brexit vote
Britain has cut its official forecasts for economic growth for the next two years, finance minister Philip Hammond said on Wednesday as he delivered the country's first budget statement since voters decided to leave the European Union.
The Office for Budget Responsibility forecast gross domestic product would grow by 1.4 percent in 2017, down from an estimate of 2.2 percent made in March, before June's Brexit vote.
Hammond also told parliament the OBR now saw growth in 2018 at 1.7 percent compared with March's forecast of 2.1 percent.
Growth forecasts in 2019 and 2020 remained unchanged from the March forecasts of 2.1 percent for both years.
The March forecasts were based on the assumption that Britain would vote to stay in the EU. -
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Highlights - Hammond delivers Autumn Statement on budget policy
Reuters UKChancellor Philip Hammond delivered his first statement on budget policy since taking office in July following Britain's vote to leave the European Union. -
UK seen borrowing 122 billion pounds more than expected in March - OBR figures
Britain's government will end up borrowing 122 billion pounds more over the next five years than it expected before the country voted for Brexit, Chancellor Philip Hammond said on Wednesday.
Britain is expected to run a budget deficit of nearly 22 billion pounds in the 2019/20 financial year which until recently had been the target date for a first budget surplus, Hammond said, citing forecasts from Britain's budget office.
Hammond's predecessor as chancellor, George Osborne, had been aiming for a surplus of 10.4 billion pounds in 2019/20.
But that target was dropped shortly after voters decided in June to leave the European Union. The Brexit vote is likely to slow the economy in the coming years, reducing tax revenues for the government and increasing its bill for jobless benefits.
In the current 2016/17 financial year, the deficit is now expected to stand at 68.2 billion pounds, higher than the pre-Brexit vote estimate of 55.5 billion pounds, and there was no forecast for a surplus over the next five years, Hammond said.
"The prime minister and I remain firmly committed to seeing the public finances return to balance as soon as practicable... while leaving enough flexibility to support the economy in the near-term," he said. -
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British housebuilders turn positive on UK infrastructure plan
Shares in British housebuilders briefly turned positive in choppy trade on Wednesday after Chancellor Philip Hammond outlined plans to support further construction through infrastructure funds and packages to help homebuyers.
Philip Hammond said that he was setting up a 2.3 billion pound housing fund to deliver infrastructure for up to 100,000 new homes in areas of high demand, with a further 1.4 billion pounds to help construct 40,000 affordable homes.
The finance minister also said there would be a regional pilot scheme to give housing association tenants the right to buy their homes, as well as continued support for people looking to use mortgages to buy.
Shares in Barratt Developments turned positive and gained 2.5 percent. It was last up 0.3 percent. Persimmon and Taylor Wimpey also turned positive, but were off their highs. -
UK to launch 23 billion pound fund to boost infrastructure
Chancellor Philip Hammond said on Wednesday he would launch a fund to invest 23 billion pounds in rail, telecoms and housing infrastructure over the next five years.
The National Productivity Investment Fund would be spent on infrastructure and research and development, the chancellor said in his first Autumn Statement address to Parliament.
In March, the government's National Infrastructure Delivery Plan 2016-2021 had flagged a pipeline of projects worth some 483 billion pounds across a range of sectors that need to be delivered.
Hammond said the government would invest between 1 and 1.2 percent of gross domestic product on economic infrastructure from 2020, compared with 0.8 percent currently. -
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UK raises insurance premium tax to 12 percent
Britain will raise insurance premium tax by two percentage points to 12 percent from June 2017, Chancellor Philip Hammond said on Wednesday in his first Autumn Statement address to Parliament.
The move represents a doubling in the tax rate on home and motor insurance premiums within the past two years.
Insurers usually pass tax increases onto policyholders.
Malaysia PM defies calls to quit, wants confidence vote next month
KUALA LUMPUR (Reuters) -Malaysian Prime Minister Muhyiddin Yassin defied mounting pressure to quit on Wednesday, saying he retained majority support among lawmakers and that he will prove it when the Southeast Asian nation's parliament reconvenes next month.