Partner Article

Osborne economic update imminent

THE CHANCELLOR will give an update on the state of the economy to Parliament on 29 November.

The autumn statement will follow the release by the Office for Budget Responsibility of its own updated growth forecasts, giving Mr Osborne a chance to respond to the figures.

Mr Osborne has previously said he would scrap the pre-Budget report introduced by Gordon Brown when he was chancellor.

Mr Osborne has already announced the date of the 2011 Budget - on March 23.

The chancellor has said he will end the practice of having a pre-Budget report each autumn.

Under Gordon Brown, this became regarded as a mini-Budget in which draft tax and spending decisions were outlined.Instead,

Mr Osborne will comment on the OBR’s latest analysis of the state of the economy, published that day.

This was posted in Bdaily's Members' News section by Ruth Mitchell .