September 12, 2017 / 3:38 PM / 10 months ago

Britain to hold annual budget on November 22, Hammond says

LONDON (Reuters) - Britain will hold its annual budget on Nov. 22, Chancellor of the Exchequer Philip Hammond said on Tuesday, setting the date of his first autumn budget since he decided to change the timing of the government’s flagship fiscal event.

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, September 6, 2017. REUTERS/Toby Melville

Hammond said last year that he would ditch the traditional spring budget and move it to the autumn, which he said would bring Britain’s system in line with other major economies and align it more neatly with the tax year. He will give a fiscal update in spring instead.

“The budget will take place on 22nd November,” Hammond said to a committee of members of Britain’s House of Lords.

Reporting by William Schomberg, writing by Alistair Smout, editing by David Milliken

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