1 Introduction
1. The Chancellor of the Exchequer made his annual
statement[1] introducing
the Pre-Budget Report[2]
on 2 December 2004. The Committee has conducted an inquiry as
in previous years, inviting written evidence and holding three
sessions of oral evidence, with outside experts[3]
(9 December), Treasury officials (14 December) and the Chancellor
(16 December). This evidence is published with this report,[4]
and we are most grateful to all those who have contributed.
2. In previous years, we have commented on the advantages
which would arise for the House if more systematic and earlier
notice were available of the date on which the PBR was to be published.[5]
In its response to our report last year, the Government reiterated
its position that "it will announce the date of the Budget
(and the Pre-Budget Report) at the earliest convenient opportunity.
However, it may not prove possible to give two months notice."[6]
On this occasion, the announcement of the PBR date was made on
11 November. This was only 3 weeks before the PBR itself, a reduction
even on the 4 weeks notice given in 2003. We
reiterate our view that this is an unsatisfactorily short period
of notice for what is meant to be an important event in the economic
calendar.
1 HC Debates, 2 December 2004, col 781ff. Back
2
Cm. 6408 Back
3
Divided into two part-sessions, broadly concentrating on macro-economic
issues (Mr Robert Chote of the Institute for Fiscal Studies, Professor
Peter Spencer of York University, Mr Martin Weale of the National
Institute of Economic and Social Research, and Mr David Walton
of Goldman Sachs) and on micro-economic issues (Mr Chote and Mr
Weale, accompanied by Mr John Whiting of PricewaterhouseCoopers) Back
4
See Ev 1 Back
5
Third Report of Session 2003-04, The 2003 Pre-Budget Report,
HC 136, para 4 Back
6
Third Special Report of Session 2003-04, HC 478, page 1 Back
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