Spring Statement

The duty to publish two annual economic forecasts was created by the Industry Act 1975, with the first such publication occurring in December 1976.{{cite web|url=https://api.parliament.uk/historic-hansard/commons/1976/dec/15/economic-prospects|work=Parliamentary Debates (Hansard)|date=15 December 1976|title=Economic Prospects (Hansard, 15 December 1976)}} 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){{citation needed|date=February 2018}}, 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.{{cite news |url=http://news.bbc.co.uk/2/hi/uk_news/politics/a-b/81896.stm |title=Politics A–Z: Autumn Statement |publisher=BBC Online |access-date=25 November 2010 |date=9 August 2001}}{{cite web |url=http://www.politics.co.uk/briefings-guides/issue-briefs/pre-budget-report-$1238305.htm |title=Briefing Guides: Pre-Budget Report |access-date=25 November 2010 |date=28 August 2008 |work=politics.co.uk}} 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.

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.

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).{{Cite news |url=https://www.ft.com/content/a680c788-935e-11e5-94e6-c5413829caa5 |title=George Osborne's Autumn Statement speech in full|newspaper=Financial Times |date=25 November 2015 }} Osborne's 2015 statement on 25 November was a joint Autumn Statement and Spending Review, and included a new forecast by the OBR.{{cite web | last = Osboure | first = George | author-link = George Osborne | title = Letter to Chairman of the Treasury Committee | publisher = HM Treasury | date = 2015-09-08 | url = https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/459437/andrew_tyrie_9915.pdf | access-date = 2015-09-23}}

In 2016, Conservative Chancellor Philip 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 on 13 March 2018.{{cite web|url=https://www.gov.uk/government/news/spring-statement-2018-date-confirmed|title=Spring Statement 2018 date confirmed - GOV.UK|website=gov.uk|access-date=21 February 2018}}

The statement has been held in the past during different seasons and with alternate names:

• Autumn Statement (1976–1992, 2010–2016)
• Summer Statement (1993–1996, 2020)
• Pre-Budget Report (1997–2009)
• Winter Economy Plan (2020)

{{Reflist}}

• [https://web.archive.org/web/20081222214302/http://www.hm-treasury.gov.uk/prebud_index.htm Pre-Budget Reports, 1997 to date] at HM Treasury
• [https://web.archive.org/web/20081126055529/http://www.telegraph.co.uk/finance/financetopics/budget/ Pre-Budget Report coverage] by the Daily Telegraph
• [http://www.ifs.org.uk/budgets Pre-Budget Commentary] by the Institute for Fiscal Studies

Category:Fiscal policy

Category:Debates in the House of Commons of the United Kingdom

Category:Government of the United Kingdom

Category:United Kingdom budgets

Category:Annual events in the United Kingdom

Category:Recurring events established in 1976