Autumn Statement 2016

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Series Title
Series Details 23.11.16
Publication Date 23/11/2016
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The United Kingdom government published its Autumn Statement on 23 November 2016. The Autumn Statement, seen as a mini-budget, was based on the latest forecasts from the Office for Budget Responsibility for the economy and public finances, and needed to take into account the UK decision to leave the European Union.

The OBS published its latest Economic and fiscal outlook also on the 23 November 2016. It set out forecasts for the economy and the public finances, and an assessment of whether the Government was likely to achieve its fiscal targets.

The OBR reported that the UK Government was no longer on course to balance the budget during the current Parliament and had formally dropped this ambition in a significant loosening of its fiscal targets. Public sector net borrowing was now expected to fall more slowly than the OBR had forecast in March 2016, primarily reflecting weak tax receipts so far in 2016 and a more subdued outlook for economic growth as the UK negotiated a new relationship with the European Union.

Brexit supporting MPs criticised the pessimistic nature of the Chancellors's statement and the OBR's forecasts.

Source Link Link to Main Source https://www.gov.uk/government/topical-events/autumn-statement-2016
Related Links
The Economist, 22.11.16: Not much jam for anyone. A backgrounder on Britain’s Autumn Statement http://www.economist.com/news/britain/21710681-five-charts-explain-chancellors-economic-dilemmas-backgrounder-britains-autumn
Institute for Government: The 2016 Autumn Statement: getting out of a spending JAM, November 2016 http://www.instituteforgovernment.org.uk/sites/default/files/publications/IfG_Autumn_statement_2016_v5_0.pdf
Website: Office for Budget Responsibility http://budgetresponsibility.org.uk/
UK: Parliament: Parliamentary Business: News, 23.11.16: Autumn Statement 2016 http://www.parliament.uk/business/news/2016/november/autumn-statement-2016/
UK: Parliament: House of Commons: Library: Briefing Paper, No.7790 (18.11.16): Autumn Statement 2016: Background briefing http://researchbriefings.files.parliament.uk/documents/CBP-7790/CBP-7790.pdf
EurActiv, 23.11.16: Brexit slams brakes on British growth http://www.euractiv.com/section/uk-europe/news/brexit-slams-brakes-on-british-growth/
Politico, 23.11.16: 5 takeaways from the UK’s Autumn Statement http://www.politico.eu/article/5-takeaways-from-the-uks-autumn-statement/
BBC News, 23.11.16: UK economy 'resilient' despite £122bn hit to finances http://www.bbc.co.uk/news/uk-politics-38068358
The Guardian: Tag: Autumn Statement 2016 https://www.theguardian.com/uk-news/autumn-statement-2016
OBR: News, 23.11.16: Economic and fiscal outlook – November 2016 http://budgetresponsibility.org.uk/efo/economic-and-fiscal-outlook-november-2016/
The Conversation, 23.11.16: Autumn Statement 2016: experts respond http://theconversation.com/autumn-statement-2016-experts-respond-69304
The Conversation: Tag: Autumn Statement 2016 http://theconversation.com/uk/topics/autumn-statement-2016-33578
Politico, 23.11.16: Philip Hammond boosted by Brexit black hole http://www.politico.eu/article/philip-hammond-boosted-by-brexit-black-hole/
UK: Parliament: House of Commons: Library: Briefing Paper, No.7797 (23.11.16): Autumn Statement 2016: a summary http://researchbriefings.files.parliament.uk/documents/CBP-7797/CBP-7797.pdf
In Facts, 23.11.16: [Comment]: Brexit to raise government borrowing by £226m/week https://infacts.org/brexit-raise-government-borrowing-226mweek/
Conservative Home, 23.11.16: The Autumn Statement – and why forecasting a cost of Brexit is bunk http://www.conservativehome.com/thetorydiary/2016/11/the-autumn-statement-and-why-forecasting-a-cost-of-brexit-is-bunk.html
Euro|Topics: Debates, November 2016: Hammond outlines cost of Brexit http://www.eurotopics.net/en/170105/hammond-outlines-cost-of-brexit
Politico, 24.11.16: Hammond and May rally around UK financial watchdog http://www.politico.eu/article/hammond-and-may-rally-around-uk-financial-watchdog/
The Economist, 24.11.16: The Brexit budget. Britain’s Autumn Statement hints at how painful Brexit is going to be http://www.economist.com/news/britain/21710834-2020-average-real-earnings-will-be-830-lower-previously-forecast-britains-autumn
IFS: Autumn Statement 2016 analysis https://www.ifs.org.uk/tools_and_resources/budget/514
In Facts, 25.11.16: Six developments for the Brexit economy this week https://infacts.org/six-developments-brexit-economy-week/
ESO: Background information: Autumn Statement 2016: impact on Scotland http://www.europeansources.info/record/autumn-statement-2016-impact-on-scotland/

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