Autumn Statement

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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.[1] 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),[2] both of which were also made at approximately the same time in the parliamentary year.

History[edit]

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.[3][4] 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.[5][6][7]

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.[4]

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 (OBR).[8]

Osborne's 2015 statement on 25 November was a joint Autumn Statement and Spending Review and included a new forecast by the OBR.[9]

List of statements[edit]

Chancellor Date Type
Geoffrey Howe 8 November 1982[2] Autumn Statement
Nigel Lawson 17 November 1983[10]
12 November 1984[11]
12 November 1985[12]
6 November 1986[13]
3 November 1987[14]
1 November 1988[15]
John Major 15 November 1989[16]
8 November 1990[17]
Norman Lamont 6 November 1991[18]
12 November 1992[19]
Kenneth Clarke 18 July 1994[5] Summer Statement
12 July 1995[6]
17 July 1996[7]
Gordon Brown 25 November 1997[20] Pre-Budget Report
3 November 1998[21]
9 November 1999[22]
8 November 2000[23]
27 November 2001[24]
27 November 2002[25]
10 December 2003[26]
2 December 2004[27]
5 December 2005[28]
6 December 2006[29]
Alistair Darling 9 October 2007[30]
24 November 2008[31]
9 December 2009[32]
George Osborne 29 November 2010[33] Autumn Statement
29 November 2011[34]
5 December 2012[35]
5 December 2013[36]
3 December 2014[37]
25 November 2015[38]

There are hopes that the Autumn Statement on 23rd November 2016 will provide modest help for families that are 'Just About Managing' on relatively low income, known as JAMs. Poverty charity Turn2us defines JAMs in an interview with the i Newspaper as, "JAMs define the increasingly large section of society that may be in work but are struggling to pay for essentials such as food, heating or – more commonly – rent. The financial pressures that we are seeing every day from people who we deal with puts people into a very precarious situation where a change in their circumstances, such as redundancy or the death of a loved one, can push them into poverty."[39] Hammond also promised not to, 'leave the burden of debt to future generations'.[40][41]

References[edit]

  1. ^ House of Commons Debates 15 December 1976 c 1536
  2. ^ a b House of Commons Debates 8 November 1982 c 313
  3. ^ "Politics A–Z: Autumn Statement". BBC Online. 9 August 2001. Retrieved 25 November 2010. 
  4. ^ a b "Briefing Guides: Pre-Budget Report". politics.co.uk. 28 August 2008. Retrieved 25 November 2010. 
  5. ^ a b House of Commons Debates 18 July 1994 c 38
  6. ^ a b House of Commons Debates 12 July 1995 c 971
  7. ^ a b House of Commons Debates 17 July 1996 c 1148
  8. ^ Duncan, Hugo (7 September 2010). "Osborne axes Pre-Budget report". Daily Mail. London. Retrieved 25 November 2010. 
  9. ^ Osboure, George (2015-09-08). "Letter to Chairman of the Treasury Committee" (pdf). HM Treasury. Retrieved 2015-09-23. 
  10. ^ House of Commons Debates 17 November 1983 c 993
  11. ^ House of Commons Debates 12 November 1984 c 415
  12. ^ House of Commons Debates 12 November 1985 c 431
  13. ^ House of Commons Debates 6 November 1986 c 1083
  14. ^ House of Commons Debates 3 November 1987 c 783
  15. ^ House of Commons Debates 1 November 1988 c 821
  16. ^ House of Commons Debates 15 November 1989 c 357
  17. ^ House of Commons Debates 8 November 1990 c 117
  18. ^ House of Commons Debates 6 November 1991 c 449
  19. ^ House of Commons Debates 12 November 1992 c 993
  20. ^ House of Commons Debates 25 November 1997 c 773
  21. ^ House of Commons Debates 3 November 1998 c 681
  22. ^ House of Commons Debates 9 November 1999 c 883
  23. ^ House of Commons Debates 8 November 2000 c 315
  24. ^ House of Commons Debates 27 November 2001 c 829
  25. ^ House of Commons Debates 27 November 2002 c 318
  26. ^ House of Commons Debates 10 December 2003 c 1061
  27. ^ House of Commons Debates 2 December 2004 c 779
  28. ^ House of Commons Debates 5 December 2005 c 605
  29. ^ House of Commons Debates 6 December 2006 c 305
  30. ^ House of Commons Debates 9 October 2007 c 167
  31. ^ House of Commons Debates 24 November 2008 c 489
  32. ^ House of Commons Debates 9 December 2009 c 359
  33. ^ House of Commons Debates 29 November 2010 c 529
  34. ^ House of Commons Debates 29 November 2011 c 799
  35. ^ House of Commons Debates 5 December 2012 c 871
  36. ^ House of Commons Debates 5 December 2013 c 1101
  37. ^ House of Commons Debates 3 December 2014 c 305
  38. ^ House of Commons Debates 25 November 2015 c 1357
  39. ^ Wimhurst, Liane. "Are you what Theresa May calls a JAM (just about managing) family?", i (newspaper), 22 November 2016. Retrieved on 22 November 2016
  40. ^ Autumn Statement: £1.3bn to target congestion roads BBC
  41. ^ Hammond to give boost to 'just managing families' in autumn statement The Guardian

External links[edit]