Pre-Budget Report
Encyclopedia
In the United Kingdom
, the Autumn Statement, at times the Summer Statement (1993–1996) and the Pre-Budget Report (1997–2009), is one of the two statements HM Treasury
makes each year to Parliament
upon publication of economic forecasts, the other being the annual Budget. The duty to publish twice annual economic forecasts was created by the Industry Act 1975, with the first such publication occurring in December 1976. The first Autumn Statement combined the announcement of this publication with any announced changes to national insurance contributions and the Government's announcement of its spending plans (and publication of the Red Book), both of which were also made at approximately the same time in the parliamentary year.
In 1993, Conservative Chancellor
Kenneth Clarke
combined the announcement of spending with the Budget, merging tax and spending announcements. Doing so moved the Budget to November. To fulfill the legal obligation to make two statements, Clarke began the practice of making a Summer Statement focusing on economic growth forecasts. Unlike the Autumn Statements preceding them and the Pre-Budget Reports that replaced them, Summer Statements took the form of debate on a motion "that this House welcomes the publication of the Government's latest economic forecast, which..." rather than as a statement to the House of Commons.
In 1997, Labour's new Chancellor, Gordon Brown
, moved the Budget back to spring and replaced the second statement with the Pre-Budget Report (PBR). According to the "Code for Fiscal Stability", published by HM Treasury
in November 1998, the PBR was intended to "encourage debate on the proposals under consideration for the Budget". The PBR included a report on progress since the Budget, an update on the state of the national economy and the Government's finances, and announcements of proposed new tax measures and consultation papers.
Conservative Chancellor George Osborne
replaced the PBR and its policy announcements in 2010 with a new Autumn Statement focusing on economic growth and government finances as projected by the Office of Budget Responsibility.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, the Autumn Statement, at times the Summer Statement (1993–1996) and the Pre-Budget Report (1997–2009), is one of the two statements HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
makes each year to Parliament
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
upon publication of economic forecasts, the other being the annual Budget. The duty to publish twice annual economic forecasts was created by the Industry Act 1975, with the first such publication occurring in December 1976. The first Autumn Statement combined the announcement of this publication with any announced changes to national insurance contributions and the Government's announcement of its spending plans (and publication of the Red Book), both of which were also made at approximately the same time in the parliamentary year.
In 1993, Conservative Chancellor
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
Kenneth Clarke
Kenneth Clarke
Kenneth Harry "Ken" Clarke, QC, MP is a British Conservative politician, currently Member of Parliament for Rushcliffe, Lord Chancellor and Secretary of State for Justice. He was first elected to Parliament in 1970; and appointed a minister in Edward Heath's government, in 1972, and is one of...
combined the announcement of spending with the Budget, merging tax and spending announcements. Doing so moved the Budget to November. To fulfill the legal obligation to make two statements, Clarke began the practice of making a Summer Statement focusing on economic growth forecasts. Unlike the Autumn Statements preceding them and the Pre-Budget Reports that replaced them, Summer Statements took the form of debate on a motion "that this House welcomes the publication of the Government's latest economic forecast, which..." rather than as a statement to the House of Commons.
In 1997, Labour's new Chancellor, Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
, moved the Budget back to spring and replaced the second statement with the Pre-Budget Report (PBR). According to the "Code for Fiscal Stability", published by HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
in November 1998, the PBR was intended to "encourage debate on the proposals under consideration for the Budget". The PBR included a report on progress since the Budget, an update on the state of the national economy and the Government's finances, and announcements of proposed new tax measures and consultation papers.
Conservative Chancellor George Osborne
George Osborne
George Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in...
replaced the PBR and its policy announcements in 2010 with a new Autumn Statement focusing on economic growth and government finances as projected by the Office of Budget Responsibility.
Dates
| Chancellor | Date | Type |
|---|---|---|
| Geoffrey Howe Geoffrey Howe Richard Edward Geoffrey Howe, Baron Howe of Aberavon, CH, QC, PC is a former British Conservative politician. He was Margaret Thatcher's longest-serving Cabinet minister, successively holding the posts of Chancellor of the Exchequer, Foreign Secretary, and finally Leader of the House of Commons... |
8 November 1982 | Autumn Statement |
| Nigel Lawson Nigel Lawson Nigel Lawson, Baron Lawson of Blaby, PC , is a British Conservative politician and journalist. He was a Member of Parliament representing the constituency of Blaby from 1974–92, and served as the Chancellor of the Exchequer in the government of Margaret Thatcher from June 1983 to October 1989... |
17 November 1983 | |
| 12 November 1984 | ||
| 12 November 1985 | ||
| 6 November 1986 | ||
| 3 November 1987 | ||
| 1 November 1988 | ||
| John Major John Major Sir John Major, is a British Conservative politician, who served as Prime Minister of the United Kingdom and Leader of the Conservative Party from 1990–1997... |
15 November 1989 | |
| 8 November 1990 | ||
| Norman Lamont | 6 November 1991 | |
| 12 November 1992 | ||
| Kenneth Clarke Kenneth Clarke Kenneth Harry "Ken" Clarke, QC, MP is a British Conservative politician, currently Member of Parliament for Rushcliffe, Lord Chancellor and Secretary of State for Justice. He was first elected to Parliament in 1970; and appointed a minister in Edward Heath's government, in 1972, and is one of... |
18 July 1994 | Summer Statement |
| 12 July 1995 | ||
| 17 July 1996 | ||
| Gordon Brown Gordon Brown James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007... |
25 November 1997 | Pre-Budget Report |
| 3 November 1998 | ||
| 9 November 1999 | ||
| 8 November 2000 | ||
| 27 November 2001 | ||
| 27 November 2002 | ||
| 10 December 2003 | ||
| 2 December 2004 | ||
| 5 December 2005 | ||
| 6 December 2006 | ||
| Alistair Darling Alistair Darling Alistair Maclean Darling is a Scottish Labour Party politician who has been a Member of Parliament since 1987, currently for Edinburgh South West. He served as the Chancellor of the Exchequer from 2007 to 2010... |
9 October 2007 | |
| 24 November 2008 | ||
| 9 December 2009 | ||
| George Osborne George Osborne George Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in... |
29 November 2010 | Autumn Statement |
| 29 November 2011 |
External links
- Pre-Budget Reports, 1997 to date at HM Treasury
- Pre-Budget Report coverage by the Daily Telegraph
- Pre-Budget Commentary by the Institute for Fiscal StudiesInstitute for Fiscal StudiesThe Institute for Fiscal Studies is an economic research institute based in London, United Kingdom which specialises in UK taxation and public policy...