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Osborne confirms date for autumn statement
The Coalition Government is abolishing the Pre-Budget Report (PBR) in favour of a more concise statement on the economy, the Chancellor has announced.
In a letter to parliament's Treasury committee chairman, George Osborne confirmed that his first autumn statement will take place on 29 November. It will follow the publication of the latest economic and borrowing forecasts from the Office of Budget Responsibility (OBR).
The PBR was first introduced by the previous Labour Government in 1997. However, the Chancellor has revealed that the Coalition Government will be introducing legislation to remove the requirement for a PBR in future years.
‘The Government [...] intends to move away from the significant fiscal policy changes announced at PBRs in recent years,’ the letter stated.
‘There are, however, a number of tax policy consultations announced at the Budget in June which the Government has committed to reporting on at the autumn.’
Osborne also confirmed that the Government will publish consolidated draft clauses planned for Finance Bill 2011 for consultation towards the end of the year. In addition, it will report back on the most significant tax policy consultations announced earlier in the year.