Back to the Autumn Statement

What a few months it has been. To badly paraphrase Lenin (something I, erm, have never done?): Sometimes there are decades where nothing happens, sometimes there are weeks where decades happen.

We’ve just been through one of them, and I fear we’re still in it with the climax to come on the newly moved Autumn Statement on 17 November.

I like the framing, back to normality a la Philip Hammond – Spring Budgets and Autumn Statements were his tweak. Nothing projects stability more than returning to an idea of a politician nicknamed Spreadsheet Phil.

Except this one isn’t realistically going to be a statement is it? The finances are a mess and the Office for Budget Responsibility (OBR) has a big numbers clear up job on its hands to fix the mess left by Trussonomics.

It is going to be perhaps the most consequential and painful money Bill we’ve seen in many years on 17 November, one we should all brace for ahead of a tough winter to boot.

What else can we expect in the November diary?

2 November marks the 5th anniversary of BoE raising interest rates for first time in a decade, the same day as the latest US interest rates decision from the Federal Reserve.

This is followed on 3 November by the Bank of England UK interest rate decision and 4 November the latest US employment report.

Crucial US midterm elections are taking place on 8 November which could pit Joe Biden’s economic programme against voters angry at rising prices.

The UK reports its first quarterly estimate of GDP for Q3 on 11 November along with regular monthly figures. This is followed by unemployment on 15 November and inflation on 16 November.

Retail sales figures from the ONS, routinely now seen as a key barometer of consumer health in the cost-of-living crisis, reports on 18 November.

Talking of retail sales, the banner Black Friday and Cyber Monday are on 25 and 30 November respectively.

Finally, the latest G7 summit falls on 26 November.

All the best from us at MRM and Mouthy Money.