New date for Autumn Statement
The Government have announced that the date of the Autumn Statement has been moved to 5 December. It was originally scheduled for 4 December.
The delay will allow time for the Prime Minister to return from an important trade mission to China. Although the Treasury announcement of the date change did not contain any reference to the China Trip, George Osborne tweeted that‘The PM is visiting China in early Dec to strengthen economic ties so I will deliver the Autumn Statement on Thurs 5th December.’
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.