European Economic News Preview: UK Chancellor To Deliver Autumn Statement
(RTTNews) - 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.
Hunt suggested that he will cut taxes on business 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.
The announcement is due at around 7.30 am ET.
On the eve of delivering his budget update, Hunt raised the national minimum wage by around 10 percent to GBP 11.44 an hour.
The Office for Budget Responsibility, or OBR, the independent public finances forecaster, is set to publish its revised forecasts for the economy and public finances. The Bank of England has forecast the economy to stagnate next year.
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.
At 4.00 am ET, the ECB is set to release Financial Stability Review.
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. At 9.10 am ET, ECB Board Member Frank Elderson speaks at an event organized by Bertelsmann Stiftung in Berlin, Germany.
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.
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