MPs call for return to 'One Budget'

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MPs have called for the Budget, given in the Spring, to reassert its importance, with the Autumn Statement reverting to more of a back seat, updating role.

The Treasury Select Committee said in a report that effectively having two Budgets created uncertainty for business and added further costs onto the economy.

Traditionally used as an update on the health of the domestic economy and the country’s finances, in recent years the Autumn Statement has been used as a Launchpad for changes to a number of fiscal policies.

The Committee’s report said the Autumn Statement “is not, nor should it be, a second Budget”, despite coming across as one recently.

“The implications are that business and the economy needs to react to two periods, not one, of potential uncertainty and change.

“A return to a position of one Budget in the spring, and an updating statement in the autumn, would be desirable,” it said.

The Treasury said it would consider the Committee’s report in due course.