Autumn Statement 2016 will be the UK's last

Caitlin Morrison
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The Autumn Statement is being abolished, chancellor Philip Hammond said today.

"This is my first Autumn Statement and it will also be my last," he told MPs in the House of Commons today.

He is introducing a Spring Statement, and an Autumn Budget instead.

Hammond said he would not introduce significant economic and financial changes twice a year "just for the sake of it".

The chancellor said changing to an Autumn Budget would bring the UK in line with other major global economies.