Autumn Statement

In the United Kingdom, the Autumn Statement (1976-1992, 2010-2016), 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 Autumn Statement and the Budget both usually involve speeches in the House of Commons by the Chancellor of the Exchequer. There are expected to be two Budget speeches in 2017, followed by a Spring Statement in 2018.

History

The duty to publish two 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.

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]

In 2016, Conservative Chancellor Phillip Hammond announced his intention to end the Autumn Statement: instead of a Budget in the Spring, and an Autumn Statement, there will instead be a Budget in the Autumn, and a Spring Statement, with the first in early 2018.

List of statements

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]
Phillip Hammond 23 November 2016[39]

There were hopes that the Autumn Statement on 23 November 2016 would 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."[40][41][42] Many benefits that JAM's claim will be frozen in cash terms while inflation is likely to rise so the real value of these benefits will fall.[43] The Resolution Foundation stated, "When set against all other policy changes announced since the 2015 election, the [2016] Autumn Statement] only undoes 7% of the hit from benefit cuts to the bottom half of the income distribution." [44]

References

  1. ↑ "Economic Prospects (Hansard, 15 December 1976)".
  2. 1 2 "The Economy (Hansard, 8 November 1982)".
  3. ↑ "Politics A–Z: Autumn Statement". BBC Online. 9 August 2001. Retrieved 25 November 2010.
  4. 1 2 "Briefing Guides: Pre-Budget Report". politics.co.uk. 28 August 2008. Retrieved 25 November 2010.
  5. 1 2 "The Economy (Hansard, 18 July 1994)".
  6. 1 2 "The Economy (Hansard, 12 July 1995)".
  7. 1 2 "The Economy (Hansard, 17 July 1996)".
  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. ↑ "The Economy (Hansard, 17 November 1983)".
  11. ↑ "The Economy (Hansard, 12 November 1984)".
  12. ↑ "Autumn Statement (Hansard, 12 November 1985)".
  13. ↑ "Autumn Statement (Hansard, 6 November 1986)".
  14. ↑ "Autumn Statement (Hansard, 3 November 1987)".
  15. ↑ "Autumn Statement (Hansard, 1 November 1988)".
  16. ↑ "Autumn Statement (Hansard, 15 November 1989)".
  17. ↑ "Autumn Statement (Hansard, 8 November 1990)".
  18. ↑ "Autumn Statement (Hansard, 6 November 1991)".
  19. ↑ "Autumn Statement (Hansard, 12 November 1992)".
  20. ↑ "Pre-Budget Statement (Hansard, 25 November 1997)".
  21. ↑ "Pre-Budget Statement (Hansard, 3 November 1998)".
  22. ↑ "Pre-Budget Statement (Hansard, 9 November 1999)".
  23. ↑ "Pre-Budget Statement (Hansard, 8 November 2000)".
  24. ↑ "Pre-Budget Report (Hansard, 27 November 2001)".
  25. ↑ "Pre-Budget Report (Hansard, 27 November 2002)".
  26. ↑ "Pre-Budget Report (Hansard, 10 December 2003)".
  27. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 2 Dec 2004 (pt 6)".
  28. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 5 Dec 2005 (pt 6)".
  29. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 06 Dec 2006 (pt 0003)".
  30. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 09 Oct 2007 (pt 0004)".
  31. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 24 Nov 2008 (pt 0004)".
  32. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 09 Dec 2009 (pt 0004)".
  33. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 29 Nov 2010 (pt 0001)".
  34. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 29 Nov 2011 (pt 0001)".
  35. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 05 Dec 2012 (pt 0001)".
  36. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 05 Dec 2013 (pt 0001)".
  37. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 03 Dec 2014 (pt 0001)".
  38. ↑ Westminster, Department of the Official Report (Hansard), House of Commons,. "House of Commons Hansard Debates for 25 Nov 2015 (pt 0001)".
  39. ↑ "House of Commons Hansard Debates for 23 Nov 2016".
  40. ↑ Wimhurst, Liane. "Are you what Theresa May calls a JAM (just about managing) family?", i (newspaper), 22 November 2016. Retrieved on 22 November 2016
  41. ↑ Autumn Statement: £1.3bn to target congestion roads BBC
  42. ↑ Hammond to give boost to 'just managing families' in autumn statement The Guardian
  43. ↑ Autumn Statement 2016: What it means for you BBC
  44. ↑ Autumn Statement: Workers' pay growth prospects dreadful, says IFS BBC

External links

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