Autumn statement 2014
The Chancellor, George Osborne has announced that he will make his Autumn Statement to the House of Commons on 3 December 2014. The statement will be used to give an update on the state of the economy and will respond to the economic and fiscal outlook published by the independent Office for Budget Responsibility.
In recent years, the Autumn Statement has replaced the Pre-Budget report and many important changes have been announced using the Autumn Statement which has been colloquially termed by many as a mini-Budget. It is widely regarded as the second most important economic event of the parliamentary year after the Budget and this year will take place less than six months before the general election.
Interestingly, the Treasury has also issued a press release inviting views on what should be in the Autumn Statement. The press release states that ‘… in the interest of open and transparent policy-making, the Government welcomes original and innovative ideas, which will be considered by HM Treasury as part of the policy-making process.’ Any submissions should be sent to HM Treasury by 17 October 2014.