George Osborne to give economic update on 29 November


Chancellor George Osborne is to give an update on the state of the economy to Parliament on 29 November.

The autumn statement will follow the release by the Office for Budget Responsibility of its own updated growth forecasts, giving Mr Osborne a chance to respond to the figures.

Mr Osborne has previously said he would scrap the pre-Budget report introduced by Gordon Brown when he was chancellor.

Mr Osborne has already announced the date of the 2011 Budget - on March 23.

The chancellor has said he will end the practice of having a pre-Budget report each autumn.

Under Gordon Brown, this became regarded as a mini-Budget in which draft tax and spending decisions were outlined.

Instead, Mr Osborne will comment on the OBR's latest analysis of the state of the economy, published that day.

The BBC's Business Editor Robert Peston said both MPs and the financial markets will be eager to see the OBR's forecasts for growth and government borrowing to see to what extent the coalition's deficit reduction plan is on track.

Initial estimates published last month suggest the economy grew at a rate of 0.8% between July and September - twice the rate expected by many analysts.

This followed growth of 1.2% in the second quarter of the year

Mr Osborne has said there is a "steady" recovery but Labour has said the cuts announced since the coalition came to power in May could endanger this.

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