What time will Philip Hammond announce the Autumn Budget?
The Chancellor of the Exchequer will announce his budget this Wednesday (November 22) in front of the House of Commons.
The budget speech is expected to take place straight after Prime Minister’s Question Time, sometime around 12.30pm.
You can watch the budget speech and PMQs live from Westminster on Parliament.TV here.
This is the first time that the budget will be presented in the Autumn in 20 years, after the Chancellor moved it from Spring to Autumn.
What will Philip Hammond present in the Autumn Budget?
The Autumn Budget gives the Chancellor a chance to review Britain’s economic performance, appropriately raise taxes were needed and direct money to vital public services.
Philip Hammond said: “It’s also when we set out our thinking on how to keep the economy strong and resilient and fair. An economy that works for everyone.”
Ahead of the announcement there has been a lot of speculation about the contents of the Chancellor’s iconic red briefcase.
Speaking on the BBC’s Andrew Marr Show, the Chancellor unveiled plans to tackle the housing crisis by building 300,000 new homes next year.
The announcement comes off the back of Theresa May launching a personal campaign to sort the housing problem.
Mr Hammond said that it is “not acceptable” for young people to struggle in buying a home.
Another moved targeted at young first-time property buyers could be cutting back the Stamp Duty to reduce costs on the housing market.
There have also been suggestions that Mr Hammond could extend the 16-25 railcard and even freeze higher education tuition fees at £9,500.
The Chancellor is expected to announced new regulations that would allow developers to apply driverless vehicles, with plans for fully automated cars to be on the roads in four years.
He said: “Some would say that’s a bold move but I believe we have to embrace these technologies, we have to take up these challenges, if we want to see Britain leading the next industrial revolution.”
But motorists are also in for an unpleasant surprise with expected higher taxes on diesel vehicles.
Local transportation is meanwhile set to receive a massive £1.7billion injection, when the Chancellor unveils the Transforming Cities Fund on Wednesday.
The budget could also be used to plug a £126million pollution tax loophole, which has benefitted an estimated 26,000 cold delivery trucks in the UK.
The Government will also be looking to invest hundreds of millions of pounds in tech industries, by boosting investment in artificial intelligence research, 5G mobile networking across the UK and computer science training.
Mr Hammond, who has openly opposed leaving the European Union, will also use the opportunity to fulfil Britain’s financial obligations towards the EU.
He said: “The Prime Minister is clear that we will meet our obligations to the European Union.
“And, as you know, we want to make progress in discussions at the December council of the European Union and the Europeans have asked us for more clarity on what we mean by meeting our obligations.”