What the devil is the Autumn Statement, anyway?

You’re hearing about it everywhere – but what does it really mean for you?

On 5 December 2013, Chancellor George Osborne will address the House of Commons – and by the magical powers of the tellybox, the nation too – with his Autumn Statement.

Why are we, he and everyone else making such a fuss about it?

How is it different from the Budget?

And what the devil is this lengthy tax-packed speech, anyway?

Read on for the government’s own pleasingly straightforward explanation of the Autumn Statement:

“The Autumn Statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility (OBR).

“The forecasts, called the Economic and fiscal outlook (EFO) are published twice yearly, at Budget and at Autumn Statement. They look at the future performance of the UK economy, in this case for the period to 2018-19.

“The OBR provides an updated statement on the current state of the public finances and whether the government is going to meet its own fiscal objectives. The main objective, set by the government, requires it to balance its budget at the end of a rolling five-year period. A balanced budget means the amount spent by the government in a year, on things such as the NHS and welfare is equal to the amount brought in by things like taxes.

“During his Autumn Statement the Chancellor updates MPs on the government’s taxation and spending plans, which are based on the latest forecasts for the UK economy, from the OBR.

“The Office for Budget Responsibility (OBR) was established in 2010 to provide independent and authoritative analysis of the UK’s public finances.

”The Chancellor announced that he will make his 2013 Autumn Statement to Parliament, on 5 December.

“The Treasury’s Twitter feed will include all of the latest information on Autumn Statement, and will be using #AS2013.”

Well that’s that sorted, then.

Follow all the Autumn Statement action with us @londonlovesbiz using #AS2013 and in our dedicated Autumn Statement feed

NOW READ THIS: 10 things Osborne MUST include in the Autumn Statement 2013