Chancellor Hammond confirms Autumn Statement date

Philip Hammond announced on Thursday that he will present his first Autumn Statement to Parliament on 23 November, which is expected to include a loosening of austerity.

The new Chancellor of the Exchequer will deliver the latest forecasts from the Office for Budget Responsibility for the economy and public finances and will set out refinements to the government's fiscal policy.

In July Hammond said he might use the statement to "reset" the austerity-led policy of predecessor George Osborne, "if we deem it necessary to do so in the light of the data that will emerge over the coming months", which has seen an improvement after an initial post-Brexit dip.

Economists understand this to result in a slower pace of fiscal tightening rather than the end of austerity in the UK.

On Thursday, he told a House of Lords committee that in the run-up to the statement he "will be engaging with Britain's business leaders and employee representatives through a series of industry round tables, meetings and visits".

After sacking Osborne, Prime Minister Theresa May has already ditched or deprioritised several previous policies, including devolution and the sale of assets such as the Land Registry.