Autumn Statement 2014

04 December 2014

Chancellor of the Exchequer, George Osborne, delivered the 2014 Autumn Statement to the House of Commons on Wednesday 3 December 2014.

At the end of the Autumn Statement the Chancellor moved a provisional collection of taxes motion to give provisional statutory effect to changes to Stamp Duty Land Tax.

Autumn Statement 2014

The Chancellor of the Exchequer, George Osborne, delivered the Budget Statement on Wednesday 19 March 2014, on the state of the national finances, Government's proposals for changes to taxation and growth forecasts.

The Autumn Statement provides the Chancellor an opportunity to update MPs on the Government’s plans for the economy based on the latest forecasts from the independent Office for Budget Responsibility (OBR).

The OBR's revised forecasts for the economy and the public finances were published alongside the Autumn Statement on 3 December.

Stamp duty land tax (residential property transactions)

The Stamp Duty Land Tax (residential property transaction) (Ways and Means Motion) was considered in the House of Commons on Thursday 4 December.

The motion was passed without a vote and the Stamp Duty Land Tax Bill was introduced to the House of Commons. The Bill is due to have its second reading on Wednesday 10 December 2014.

Related information

House of Commons Library analysis

The House of Commons Library provides research, analysis and information services for MPs and their staff. The Library has produced a brieifing paper that provides a summary of the 2014 Autumn Statement and the OBR's latest economic and fiscal forecasts. The paper also includes a section on the changes to stamp duty land tax.

Provisional collection of taxes

In the Budget or Autumn statement some measures, such as any changes to the rates of duty on alcohol and tobacco, can come into effect on the same day or soon after.
 
The power to make these changes on an interim basis comes from the House of Commons approving a motion for the provisional collection of these taxes. 

This is called the 'Provisional Collection of Taxes' and is by convention agreed to by the House, meaning that the changes can come into effect on the same day.

Why is there an Autumn Statement?

The Government is legally required to publish a financial report on the state of the economy twice a year. From December 1976 until November 1992, the Chancellor of the Exchequer made an Autumn Statement to the House of Commons in addition to the annual Budget Statement in the Spring.

The Spring Budget and the Autumn Statement were merged and a "unified-Budget" was presented to Parliament in November 1993. The unified-Budget was then replaced in 1997 with the traditional Spring Budget and the publication of a new Pre-Budget Report in the autumn.

The coalition government announced in September 2010 that it would replace the Pre-Budget Report with an Autumn Statement. The Autumn Statement includes UK economic growth forecasts produced by the Office for Budget Responsibility.

HM Treasury

HM Treasury have published financial documents and a copy of the 2014 Autumn Statement on its website.

Watching debates from the public gallery

UK residents and overseas visitors can watch proceedings in the House of Commons by visiting the public gallery.

Image: PA/PARBUL

This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber.

More news on: Economy and finance, Parliament, government and politics, Parliament, Taxation, Budget, Commons news

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