Autumn Statement and Advisory Fuel RatesWednesday, November 30th, 2011
Interesting fact time – it was the Industry Act 1975 that compelled Government to keep an economic model at the Treasury, detailing such things as economic policy and economic events, both in and outside the United Kingdom, which may impact us. This model allows Government to make forecasts on issues like growth, employment and inflation. Most interesting for me was the fact that the Act specifically requires the Treasury to keep this information ‘maintained on a computer’.
Importantly, this is the piece of legislation that requires Government to publish bi-annual reports, which we now recognise as the Autumn Statement and the Budget. The Statement itself has had various name and content changes. In 1993, Kenneth Clark combined the two and we had the Budget itself in November for several years, together with a Summer Statement so that he could continue to meet his obligations for a bi-annual report under the Industry Act. Then, in 1997, Gordon Brown created the Pre-Budget Report, moving the Budget back to the Spring. The Autumn Statement returned with the Coalition Government in 2010 as the opportunity for the Chancellor to present an update on the Government’s economic plans. This is based on the above models and forecasts by the Office for Budget Responsibility.
This ‘special’ Newsletter focuses on just two issues, the Autumn Statement 2011 and the changes to the Advisory Fuel Rates.