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Chancellor’s autumn statement due on November 29

Chancellor George Osborne has announced he will make his autumn statement on November 29.

Speaking at Treasury questions this afternoon he said the statement will follow the Office of Budget Responsibility’s economic and fiscal outlook published earlier that day.

The autumn statement replaces the pre-Budget report given at a similar time in the year by the previous Government.

The OBR’s March Economic and Fiscal outlook projected growth for 2011 of 1.7 per cent. But in August OBR chairman Robert Chote warned that he expects to fall short of that forecast.

During the first Treasury questions since the parliamentary recess, Osborne said he is happy with the way the OBR has been operating adding it had taken the politics out of economic projections.

He said: “We have created a new institution in Britain which produces independent fiscal and economic forecasts.”

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