Any Fiscal Nerds Out There - Persevering With The Autumn Statement Just Generates Confusion

12th September 2023

Bi-annual fiscal events "have become an engine for an over-proliferation of measures, generating instability and confusion." Paul Johnson in the Times.

You may not have marked it in your diary yet, but the big news for us fiscal nerds is that we now know the date of this year's autumn statement (November 22, since you ask). I'm grateful to Jeremy Hunt, the chancellor, for getting the date out there early. After the plethora of rather rushed fiscal events over recent years, it's nice to feel at least a semblance of calm and normality.

It’s interesting, though, that we are getting an autumn statement and not a budget. Stated policy is that we should get budgets in the autumn and rather small non-events called spring statements in the spring. At least that’s what Philip Hammond (remember him?) said was the plan back in November 2016 and, as far as I am aware, no subsequent chancellor has "unsaid" it.

Here’s my response the day after that announcement: "No more autumn statements. Hurrah. If there has been any promise made by any chancellor I have been able to welcome more warmly I can’t remember it . . . We have had far too much, far too bad, policy in budgets, autumn statements and pre-budget reports over the years. The temptations for chancellors to use their two days to make too many headline-grabbing announcements is great indeed." Naive fool that I am.

Read the full article by Paul Johnson HERE