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Chancellor sets date for 2012 Autumn Statement

Chancellor George Osborne has confirmed that the 2012 Autumn Statement will be delivered at 12.30pm on Wednesday 5 December.

The Autumn Statement is traditionally used to provide an update on the state of the economy and the public finances, based on the latest economic forecasts from the independent Office for Budget Responsibility.

This year, the Chancellor is expected to unveil further measures to boost growth and aid UK economic recovery.

Some experts are speculating that high levels of borrowing and low tax receipts may force the Government to abandon its chief fiscal target for reducing public sector net debt as a proportion of national income in 2015/16.

However, HM Treasury has insisted that the Government remains committed to its fiscal plans.