{"id":135320,"date":"2023-11-22T13:59:18","date_gmt":"2023-11-22T13:59:18","guid":{"rendered":"https:\/\/allmybiznews.com\/?p=135320"},"modified":"2023-11-22T13:59:18","modified_gmt":"2023-11-22T13:59:18","slug":"european-economic-news-preview-uk-chancellor-to-deliver-autumn-statement","status":"publish","type":"post","link":"https:\/\/allmybiznews.com\/economy\/european-economic-news-preview-uk-chancellor-to-deliver-autumn-statement\/","title":{"rendered":"European Economic News Preview: UK Chancellor To Deliver Autumn Statement"},"content":{"rendered":"
UK Chancellor of the Exchequer Jeremy Hunt will deliver the 2023 Autumn Statement on Wednesday, outlining the government’s fiscal plan for the year ahead. <\/p>\n
Hunt suggested that he will cut taxes on business<\/span> to support economic growth. His options to cut taxes are limited as public debt now remains close to 100 percent of gross domestic product, which is the highest since 1960s. <\/p>\n The announcement is due at around 7.30 am ET. <\/p>\n On the eve of delivering his budget update, Hunt raised the national minimum wage by around 10 percent to GBP 11.44 an hour. <\/p>\n The Office for Budget Responsibility, or OBR, the independent public finances forecaster, is set to publish its revised forecasts for the economy<\/span> and public finances. The Bank of England has forecast the economy to stagnate next year. <\/p>\n Other major economic reports due on Wednesday are the Financial Stability Review from the European Central Bank and flash consumer confidence from the euro area. <\/p>\n At 4.00 am ET, the ECB is set to release Financial Stability Review. <\/p>\n At 6.00 am ET, the Confederation of British Industry is scheduled to issue Industrial Trends Survey results. The order book balance is forecast to rise to -25 percent in November from -26 percent in October.<\/p>\n At 9.10 am ET, ECB Board Member Frank Elderson speaks at an event organized by Bertelsmann Stiftung in Berlin, Germany.<\/p>\n At 10.00 am ET, the European Commission releases monthly flash consumer sentiment survey results. The euro area confidence index is forecast to improve to -17.6 in November from -17.9 in October. <\/p>\n