Sunday 25 August 2019


What is the Autumn Statement?

Ahead of the Chancellor's Autumn Statement, we ask how it differs from the Budget and what time George Osborne will begin his speech

George Osborne, the Chancellor of the Exchequer.
George Osborne, the Chancellor of the Exchequer. Photo: REUTERS

What is it?

An annual update on the government’s plans for the economy. You can think of it sort of like a Budget-lite, falling later in the year.

How does it differ from the Budget?

There isn’t much difference, except that the Autumn Statement tends to be less weighty. Fewer announcements, and ones that have tended to be of less significance.

The really important difference? At the Budget, the Chancellor is allowed to drink alcohol throughout. Not so at the Autumn Statement. Not that he does, obviously.

What should we expect?

With the Autumn Statement’s change in form, so has the nature of what gets announced on the day.

It’s become an opportunity for the Chancellor to unveil some giveaways to business and individuals, while giving forward looking comments on the UK’s economic health.

The Office for Budget Responsibility (OBR) has also delivered its update on the public finances on the same day since its establishment in 2010.

The organisation will check the health of books - gauging the likelihood of a balanced budget, deficit or surplus in the years to come.

When is it?

This year everything kicks off at 12.30pm on Wednesday, December 3, 2014.

When it finishes is anyone’s guess. The Autumn Statement’s older counterpart - the Budget - has varied dramatically in length.

The event has historically been scheduled during November or December, and has fallen later and later in recent years.

Benjamin Disraeli delivered the shortest, taking just 45 minutes in 1867. William Gladstone has taken quick a bit longer, speaking for four hours and 45 minutes in 1853.

When did it start?

The Autumn Statement as we know it now has been through a few incarnations, but the requirement for two annual updates on the economy came in through Parliament in 1975.

It hasn't always had this name - it's a term reintroduced by Mr Osborne in 2010, having been unused since 1992.

Before the current Government it was the pre-Budget report under Gordon Brown and Alistair Darling, and the Summer Statement when Kenneth Clarke was Chancellor.

If it's in December, it's not really the Autumn Statement, is it?

When it was first called the Autumn Statement, the event fell in early November. Since then, it's crept a little later, falling in December in recent years. No-one has bothered to update the name.

Where can I see it?

There is live coverage on BBC Two from 11.30am to 3.30pm on the day itself, December 3.

And we’ll have all the latest news from the speech and repercussions on our Autumn Statement live blog.


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