Likely date announced
Contrary to rumours that we would not have a Pre-Budget Report this year, it now seems almost certain that there will be one, or at least something similar, and that it will be on 29 November.
A letter dated 12 October 2010 from the Chancellor to Andrew Tyrie, the Chairman of the new Office for Budget Responsibility (OBR), sets out the OBR’s Terms of reference and asks it to publish its autumn forecast on Monday 29 November. The Chancellor also says that he will make a statement to the House responding to its contents and be happy to appear before the Treasury Select Committee to discuss it. This sounds very like a PBR to us.
George Osborne also says that although the process will remain in place this year, the Government intends to move away from the PBR cycle in future.
We can also expect to see draft clauses to be included in Finance Bill 2011 being published later this autumn.