Pre Budget Report to be Axed

Pre Budget Report to be Axed

The pre-Budget report (PBR) will be done away with by Chancellor George Osborne in a move that will return economic policy to the way it was prior to Gordon Brown’s era.

The decision to scrap what had become a second annual budget is in line with the Treasury’s aim to slim itself down and save on resources. It will be replaced by an autumn statement that will give new economic forecasts.

The PBR was introduced in 1997 and has been criticised for being politically motivated at times more so than economically driven.

Professor Christopher Hood of Oxford University said, “The PBR probably contributed more to the public debate but at the same time was used for political reasons as well as the double announcements and the like.”

There will be an autumn statement in November or early December when the Office for Budget Responsibility will outline the official economic forecast.

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.