George Osborne will deliver an ‘autumn statement’ on the economy on 29 November.
In a recent letter to Andrew Tyrie, Chairman of the Commons Treasury Committee, the Chancellor said he had asked the Office for Budget Responsibility (OBR) to publish its autumn forecast on that date, and that he would make a statement to MPs regarding its content.
‘This sounds very like a Pre-Budget Report (PBR) to us,’ the ICAEW Tax Faculty observed, and the Evening Standard reported that Osborne had announced the date of this year’s PBR.
But a Treasury spokeswoman told Tax Journal today that the Chancellor’s announcement will be the ‘autumn statement’.
The Government will ‘remove the requirement for a Pre-Budget Report for future years,’ Osborne said in his letter to Tyrie on 12 October.
‘For this autumn the legislative requirements of the Finance Act 1988 remain in place and the OBR’s forecast and the Government’s response will meet those requirements. The Government, however, intends to move away from the significant policy changes announced at PBRs in recent years.’
The Chancellor said the Government is committed to reporting in the autumn on a number of tax policy consultations, and that draft clauses planned for Finance Bill 2011 will be published for consultation towards the end of the year.
George Osborne will deliver an ‘autumn statement’ on the economy on 29 November.
In a recent letter to Andrew Tyrie, Chairman of the Commons Treasury Committee, the Chancellor said he had asked the Office for Budget Responsibility (OBR) to publish its autumn forecast on that date, and that he would make a statement to MPs regarding its content.
‘This sounds very like a Pre-Budget Report (PBR) to us,’ the ICAEW Tax Faculty observed, and the Evening Standard reported that Osborne had announced the date of this year’s PBR.
But a Treasury spokeswoman told Tax Journal today that the Chancellor’s announcement will be the ‘autumn statement’.
The Government will ‘remove the requirement for a Pre-Budget Report for future years,’ Osborne said in his letter to Tyrie on 12 October.
‘For this autumn the legislative requirements of the Finance Act 1988 remain in place and the OBR’s forecast and the Government’s response will meet those requirements. The Government, however, intends to move away from the significant policy changes announced at PBRs in recent years.’
The Chancellor said the Government is committed to reporting in the autumn on a number of tax policy consultations, and that draft clauses planned for Finance Bill 2011 will be published for consultation towards the end of the year.
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