Budget  

Hammond calls early Budget amid Brexit discussions

Hammond calls early Budget amid Brexit discussions

The Chancellor of the Exchequer will deliver his Budget earlier than usual to avoid it clashing with the end of the Brexit negotiations.

Britain's negotiations with the European Union over its departure are expected to end in October or November, providing both parties with enough time to approve the deal before the March 2019 deadline.

This has meant Philip Hammond has scheduled his set-piece statement for Monday 29 October - almost a month earlier than usual.

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The decision will also mean the Budget will be delivered on an unusual day of the week, since it has historically been held on a Wednesday.

During his Spring Statement earlier this year, Mr Hammond revealed the UK budget deficit would turn into a small surplus during this financial year.

Meanwhile data from the Office for National Statistics showed government borrowing fell to its lowest level since 2002 in the four months to the end of July, meaning the government could increase spending.

damian.fantato@ft.com