The Treasury has announced the date when the Chancellor will deliver his 2012 Autumn Statement – previously known as the ‘Pre-Budget Report’.
George Osborne will make his speech at 12.30pm on Wednesday 5th December.
The Chancellor is expected to provide an update on the Government’s economic plans, based on data provided by the OBR (Office of Budget Responsibility).
With the economy continuing to wilt in a double-dip recession, it remains to be seen how far off-course Osborne’s debt-reduction plans are, and how likely the Coalition is to meeting its objectives for 2015/16.
Clearly, with many experts predicting that the Government is likely to be significantly off-course, the Chancellor will be once-again be forced to consider abandoning his debt forecasts entirely (to the joy of the Opposition), or implementing even tougher cost-cutting measures (which again would result it strong criticism from his opponents).
A recent report by the Centre for Policy Studies, released last month, suggested that a mere 6% of the Government’s proposed cuts for the current Parliament had yet to be implemented, and although the overall deficit has dropped by a quarter, the influential body said that this was more due to tax rises and cuts in Government expenditure than public sector cost cuts.