Chancellor Jeremy Hunt will deliver his second Autumn Statement to parliament on 22 November, it was announced yesterday.
It was also confirmed that Hunt has commissioned an Office for Budget Responsibility (OBR) forecast, which will be presented alongside the statement.
The chancellor, along with the prime minister, have pledged to halve inflation, amid a series of Bank of England interest rate hikes aimed at easing inflationary pressures.
Hunt faces pressure from many Tory MPs to cut taxes ahead of the next general election, expected next year, while those operating in the the property sector would like to see more favourable costs, particularly in the buy-to-let sector, where landlords are fleeing the market in their droves.
Hunt, who confirmed the date in a statement in the Commons yesterday, said: “On Friday, the Office for National Statistics published an update to the UK’s GDP growth figures which shows the UK economy was 0.6% larger than pre-pandemic levels by the fourth quarter of 2021.
“It means our economy had the fastest recovery from the pandemic of any large European economy, thanks to decisions such as furlough that protected millions of jobs.
“For that growth to continue we now need to halve inflation, which I am pleased to report is now nearly 40% below its 11% peak. I can also tell the House I will deliver the Autumn Statement on November 22.”
