The Spring Statement of the British Government , also known as the "mini-budget", is one of the two statements HM Treasury makes each year to Parliament upon publication of economic forecasts, the second being the Autumn Statement presented later in the year. At 2016's autumn statement, it was announced the budget would move to the autumn, with a spring statement taking place the following year. Both usually involve speeches in the House of Commons by the Chancellor of the Exchequer . The Spring Statement for 2019 took place in March 2019. In 2020 the spring statement was upgraded to a full budget following cancellation of autumn 2019's budget. and additional statements were made in summer and autumn 2020 . In 2021 the spring statement was also replaced by a full budget .
8-653: The duty to publish two annual economic forecasts was created by the Industry Act 1975 , with the first such publication occurring in December 1976. The first Autumn Statement combined the announcement of this publication with any announced changes to national insurance contributions and the Government's announcement of its spending plans (and publication of the Red Book), both of which were also made at approximately
16-560: A company out of public funds we shall reserve the right to take a proportionate share of the ownership of the company; and wherever possible this public support will be channelled through the Planning Agreements System. These ideas were inspired by the writings of the socialist economist Stuart Holland and gave impetus to the growing desire amongst Labour's left-wing to fulfil the promise contained in Clause IV of
24-589: The "Code for Fiscal Stability", published by HM Treasury in November 1998, the PBR was intended to "encourage debate on the proposals under consideration for the Budget". The PBR included a report on progress since the Budget, an update on the state of the national economy and the Government's finances, and announcements of proposed new tax measures and consultation papers. Conservative Chancellor George Osborne replaced
32-661: The Act was to establish the National Enterprise Board (NEB). The Labour Party manifesto for the October 1974 general election stated: A new and urgent Industry Act will provide for a system of Planning Agreements between the Government and key companies to ensure that the plans of those companies are in harmony with national needs and objectives and that Government financial assistance is deployed where it will be most effectively used. Wherever we give direct aid to
40-761: The Autumn Statement: instead of a Budget in the Spring, and an Autumn Statement, there will instead be a Budget in the Autumn, and a Spring Statement, with the first on 13 March 2018. The statement has been held in the past during different seasons and with alternate names: Industry Act 1975 The Industry Act 1975 (c. 68) was an act of the Parliament of the United Kingdom passed by Harold Wilson 's Labour government. The main purpose of
48-502: The PBR and its policy announcements in 2010 with a new Autumn Statement focusing on economic growth and government finances as projected by the Office of Budget Responsibility (OBR). Osborne's 2015 statement on 25 November was a joint Autumn Statement and Spending Review , and included a new forecast by the OBR . In 2016, Conservative Chancellor Philip Hammond announced his intention to end
56-600: The Pre-Budget Reports that replaced them, Summer Statements took the form of debate on a motion "that this House welcomes the publication of the Government's latest economic forecast, which..." rather than as a statement to the House of Commons. In 1997, Labour's new Chancellor, Gordon Brown , moved the Budget back to spring and replaced the second statement with the Pre-Budget Report (PBR). According to
64-492: The same time in the parliamentary year. In 1993, Conservative Chancellor Kenneth Clarke combined the announcement of spending with the Budget, merging tax and spending announcements. Doing so moved the Budget to November. To fulfill the legal obligation to make two statements, Clarke began the practice of making a Summer Statement focusing on economic growth forecasts. Unlike the Autumn Statements preceding them and
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