AUTUMN STATEMENT: What is it?

Chancellor George Osborne will deliver his mini-budget today Chancellor George Osborne will deliver his mini-budget today

Thursday, December 5, 2013
8:07 AM

Sometimes dubbed the “mini-budget” the Autumn Statement is the second most important day of the Chancellor’s year when he provides an update on the progress of the economy and the government’s spending plans.

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Two updates a year have to be set out by law as a result of the Industry Act 1975,

The assessment of how the economy is faring, and whether the government has stuck to its target how much it spends against the amount of income, is now published by the independent Office for Budget Responsibility, which was established in 2010 and meant to provide an independent and authoritative analysis of the UK’s public finances.

The figures also look at the future performance of the UK economy, today it is the period to 2018-19.

The main objective, set by the government, requires it to balance its budget at the end of a rolling five-year period.

A balanced budget means the amount spent by the government in a year, on things such as the NHS and welfare is equal to the amount brought in by things like taxes.

The Autumn Statement, which has also been called the pre-budget report, has usually been in November or December, but was changed to the summer statement by Tory Ken Clarke when he was Chancellor.

Today’s Autumn Statement was put back a day because of the prime minister’s trip to China.

We will be providing updates throughout the day and there will be a supplement with a full run down of the announcements in the paper tomorrow.

1 comment

  • He's got a tough job to do...clear the deficit which is £120 billion for starters....then pay back the trillions owed....that equates to over £40,000 per person in the whole country. We're dooomed!!!

    Report this comment

    jeffy

    Thursday, December 5, 2013

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