Hammond reveals date for autumn Budget

Philip Hammond has revealed the autumn Budget will take place on 29 October, just over a week after a crunch Brexit summit in Brussels.

The Chancellor is expected to use the setpiece economic statement as a means to reassure markets as the UK enters the final stages of Brexit negotiations.

Making the announcement on Twitter, Mr Hammond said: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.”

The event is three weeks earlier than last year and will come after a meeting of EU leaders on 18 October in Brussels where a final Brexit deal could be thrashed out.

European Council president Donald Tusk last week said the October summit would be the “moment of truth” for reaching a deal, and that “if the conditions are there” an additional summit would be held in November to “formalise” it.

Ifprimeministertheresa May secures a deal in Brussels she would be expected to bring it back to the House of Commons within days to try to win parliamentary approval.

The Chancellor and Mrs May are reported to have agreed to bring forward the Budget to avoid it becoming entangled in any parliamentary negotiations around the deal.