BusinessCompany NewsMPs demand early notice of Budget date

MPs demand early notice of Budget date

An influential all-party group of MPs has demanded that the chancellor of the exchequer reveal the date of the Budget at least two months in advance.

Link: Pre-Budget 2002

The House of Commons Treasury Committee also wants a full debate lasting at least half a day – or preferably a full Parliamentary day – on his pre-Budget Report.

Today it said that Gordon Brown’s economic growth forecasts over the next three years were, on balance, ‘on the downside’.

The committee highlighted imbalances in the economy which could jeopardise Treasury predictions – notably ‘unsustainable’ levels of house price inflation.

It suggests that the Treasury and the Bank of England should undertake a review of the current inflation target of 2.5% set by Brown when he gave the Bank the power to set interest rates, independent of government.

The committee noted that ‘the chancellor had sufficient scope to allow borrowing by the exchequer to overshoot his 2002 Budget projections, given the low level of overall public debt and the current state of the economy’.

But the MPs call for a review of Brown’s fiscal rules and clarification of whether he intends to limit the level of public deficit to 3% as stated in the European Communities Treaty.

The Committee concludes: ‘Traditionally, the announcement of the date of the Budget has been subject to considerable speculation and interest, as there is no fixed date for the Chancellor to make his Budget statement.

‘In the interests of openness, it is therefore important for the Chancellor to announce the date of the Budget statement as far in advance as possible.

‘For the 2002 Budget the Chancellor gave almost three months notice of the date of the Budget, a move which we welcome.

‘It would be helpful for the Chancellor to announce the date of the Budget as far in advance as possible (at least two months).’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor