UK Budget to take place in October

Chancellor Philip Hammond has announced the Budget will take place on October 29.

Chancellor Philip Hammond (Photo by Chris J Ratcliffe/Getty Images)

Making the announcement on Twitter, he said: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.

It is the first year that the standalone Budget will take place in Autumn after 2017 saw Mr Hammond move the traditional update on the state of the nation’s finances from Spring.

That meant getting rid of the Autumn Statement, which served as a Budget update.

Mr Hammond’s statement is earlier than the usual Autumn Budget or statement, which traditionally took place in November, or in some cases, even December.

It will come just a fortnight after a crucial EU leaders’ summit which will deal with Brexit.