This year’s Autumn Statement will be held on Wednesday 4 December, Chancellor George Osborne has confirmed on his Twitter account.
The annual statement provides an update on the Government’s plans for the economy and is released alongside the latest economic forecasts from the Office for Budget Responsibility.
Previously known as the Pre-Budget Report and sometimes referred to as the mini Budget, the Autumn Statement is regarded as the second most significant economic announcement of the year after the Budget, which is usually delivered in March.
Confirming the date on Twitter, the Chancellor (@George_Osborne) said: “That’s when we’ll set out next steps in plan to secure the economic recovery.”
The International Monetary Fund recently revised the UK’s growth forecasts up to 1.4 per cent in 2013 and 1.9 per cent in 2014, saying “recent data have shown welcome signs of an improving economy, consistent with increasing consumer and business confidence,” although “output remains well below its pre-crisis peak.”
The Chancellor used last year’s Autumn Statement to cancel the 3p rise in fuel duty that was due to take place in January 2013. He also confirmed last December that the annual and lifetime pension contributions allowances would decrease from 2014/15, to £40,000 and £1.25 million respectively.
We’ll be covering the key announcements from the Autumn Statement live as it happens on Wednesday 4 December. You can also follow our live twitter feed at #autumnstatement