Despite Chancellor Hammond’s rare opportunity to make a substantial changes to the stance of UK fiscal policy in the Autumn Statement on 23rd November, lingering worries about the outlook for the public finances will probably limit his boldness. As such, we expect him to announce an annual giveaway of about £7bn in 2017/18. However, given the previous plans of a large fiscal tightening this wouldn’t be enough to amount to an outright loosening of fiscal policy.
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