When is the Pre-Budget Report?
We're all wondering when the 2008 Pre-Budget Report will take place. It's even more important this year than usual, as the Chancellor will update us on the UK economy and specifically on how tax receipts have held up, as the UK feels the impact of recession, on top of the credit crunch.
Pre-Budget Reports usually take place on Wednesdays, as they aim to follow Prime Minister's Question time - noon on Wednesdays. This suggests that the favourite dates should be 19 or 26 November, with 3 December as the last practical date. The announcement of the date often comes out on a Thursday, as an answer to a Parliamentary question.
Deloitte will be providing expert analysis on the PBR, both leading up to, and throughout, the day itself.
The Chancellor delivered his Budget speech on
12th March 2008.
Businesses will see their tax bills increase by approximately £2
billion from April 2008. This combines the effects of Budget 2007
and the current Budget. By contrast, individuals will see their tax
bills cut by around £2 billion in total. The overall fiscal effect
of the budget measures is small - the net impact is around £140
million which is low in the context of a £500 billion tax and
The Finance Bill was published on 27 March and comprises two large
volumes. The text of the Bill is
available on the Parliament website.
The Bill will now be debated in Parliament. Some parts are debated
in the House of Commons, but the majority of the Bill is discussed
in the Finance Bill Standing Committee. It is likely that amendments
and additions will be made to the Bill as it progresses and it is
expected that the Bill will be finalised by the first week of July.
It will then go to the House of Lords, who are not empowered to
alter the Bill. Finally, it will be given Royal Assent and thus
become law. This is expected in the second or third weeks of July.
Some measures will take effect from Royal Assent; others will apply
from Budget Day or other dates of announcement.
What do the measures mean for you?
Summaries of measures
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