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Chancellor confirms Pre-Budget Report to be dropped

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The government is to axe this year’s pre-Budget Report.

In its place, the Chancellor, George Osborne, who confirmed the change in a letter to the chairman of the Commons select Treasury Committee, will deliver an autumn statement.

The statement is set for 29 November and will take the form of a more succinct summary of the economic conditions and the government’s fiscal approach.

The statement will be made once the independent Office of Budget Responsibility has issued its predictions for the economy.

The Chancellor’s letter suggests that the pre-Budget Report, first introduced in 1997, will not probably play a part in the future government calandar. Instead, the autumn statement will be used to update on tax consultations set out in the Budget itself.

It said: “The government intends to move away from the significant fiscal policy changes announced in PBRs in recent years. There are, however, a number of tax policy consultations announced at the Budget in June which the government has committed to reporting on in the autumn.”

The key government document this autumn will be the comprehensive spending review on 20 October.

The review will set Whitehall departmental spending levels for the duration of this Parliament.