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Autumn Statement to be delivered in December

 

Chancellor George Osborne will present his 2013 Autumn Statement on 4 December, it has been revealed.

 

Osborne confirmed the date via his Twitter feed ahead of a five-day trade trip to China.

 

The Autumn Statement is traditionally used to provide an update on the state of the economy and the public finances ahead of the Budget in March. It also includes the latest economic forecasts from the independent Office for Budget Responsibility.

 

Earlier this month, the International Monetary Fund (IMF) raised its economic growth forecast for the UK, increasing it from July’s estimate of 0.9% to 1.4%.

 

Whilst many experts now agree that the UK economy appears to be turning a corner, the Chancellor is still expected to use his forthcoming Statement to focus on reducing the country’s budget deficit.

 

‘Britain continues to have some very serious public challenges that have to be addressed,’ Osborne told reporters during a visit to Washington. ‘[The deficit is] still too big.’

 

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