Autumn Statement: 'Brexit casts a big shadow over every fiscal event', says economist

Autumn Statement: 'Brexit casts a big shadow over every fiscal event', says economist

Phillip Hammond on the eve of his first autumn statement

Wednesday, November 23, 2016

Ahead of the autumn budget being fully unveiled, a leading economist has explained how Brexit casts a large shadow over every fiscal event ahead of Article 50 being triggered. 

Measures to help low-earning workers invest in affordable housing will be key in Philip Hammond's first Autumn Statement as Chancellor of the Exchequer. Mr. Hammond will also announce the minimum wage for over-25s will rise to £7.50 an hour from next April.

The budget is aimed at helping an estimated three million families by changing the "taper rate" for Universal Credit - allowing low-paid workers to keep an additional 2p of every extra pound earned.

The Chancellor is also expected to provide a £1.4 billion injection into affordable housing to build 40,000 new homes, outlined in the statement. 

Simon French, the Chief Economist at Panmure Gordon, explained how the budget is "good housekeeping from the Treasury", but "Brexit casts a big shadow over every fiscal event" in an interview with Julia Hartley-Brewer.

Listen to the full interview above.