Jim and I have posted on this previously here and here and today at 11.15 GMT UK Chancellor/fin min Osborne will stand up in the House of Commons and deliver his latest autumn budget, albeit in december !
The Autumn Statement is the second most important event in the UK’s economic calendar. The Chancellor updates the government’s taxation and spending plans based on the latest predictions for the economy provided by the independent Office for Budget Responsibility.
The event has been delayed by 24 hours to allow time for PM Cameron to return from his trade mission to China.
A lot of what Osborne will say has already been released/leaked and shouldn’t have too much impact on the pound, but this speech invariably brings a surprise or two so we should still remain cautious and regard it as a risk event.
He will want to ram home the success of govt policy, but will provide a few sweetners for further spending cuts. What we need to learn is exactly how much revenue will be/is being generated by the recovery so far and what is forecast. The Chancellor still has much work to do to get the govt’s finances in order.
The speech normally lasts around 45 minutes and will therefore lead into the BOE announcement at 12.00 gmt where we are expecting an unchanged stance and no statement.
Read more here from the BBC who provide comprehensive coverage and you can follow it live there too.