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Osborne scraps pre-Budget report
Chancellor George Osborne is to scrap the pre-Budget report and replace it with a slimmed-down autumn statement, according to the Financial Times.
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Chancellor George Osborne (pictured) is to scrap the pre-Budget report and replace it with a slimmed-down autumn statement, according to the Financial Times.
An autumn statement has been pencilled in for late November or early December when the Office for Budget Responsibility will outline the official economic forecast, according to the paper.
It said that Osborne's focus was on the comprehensive spending review on 20 October, which will set departmental budgets until the end of the parliament. The proposed timetable will force the Treasury to outline spending plans on the basis of the June emegency Budget forecasts.
Gordon Brown introduced the pre-Budget report in 1997.
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2 comments so far. Why not have your say?
Jill Insley
Sep 06, 2010 at 10:32
Thank god!
report thisAnonymous 1 needed this 'off the record'
Sep 06, 2010 at 10:40
I understood the real cuts are due to commence in October.
It'll coincide with the next tranche down with house prices, the subsequent hit of "economic crisis" with the banks, and the dawning realisation that the "double dip recession" finally takes hold.
Viva QE2 (quantitative easing 2) and massive inflation and rapidly increasing interest rates.
So I anticipate Mr Osborne's slimmed-down statement to be something like this:
"Er, yeah. We're f*cked. We blame the previous Labour government!"
:-D
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