Philip Hammond has scrapped the Autumn Statement, in his first such address in his role as Chancellor.

He told Parliament that the traditional Autumn Statement will cease and instead one fiscal event will be made each year.

Addressing the chamber, he said: “This is my first Autumn Statement as Chancellor, after careful consideration and detailed discussion with the Prime Minister I have decided that it will also be my last. Mr Speaker, I am abolishing the Autumn Statement.

“No other major economy makes hundreds of tax changes twice a year and neither should we.”

Government to abolish Autumn Statement

In a statement, a spokesperson for the Treasury said: "The UK is the only major advanced economy to make major major changes to the tax system twice a year. From winter 2017, Finance Bills will be introduced following the Budget.

"It will mean businesses and people face less frequent changes to the tax system, helping to promote certainty and stability."

Mr Hammond used his statement to outline his key priorities as Chancellor, telling MPs he aims to get the economy "match fit" for the "new chapter" ahead.