By Marcus Leach

Chancellor George Osbourne today (Tuesday) announced that he will make his autumn statement on Tuesday 29th November.

Mr Osbourne will make his statement following the release, on the same day, of the Office for Budget Responsibility's (OBR) latest economic forecasts.

At present the OBR expects the UK economy to expand by 1.7% in 2011. However, given the current state of the country's economy, most economists are forecasting lower growth.

The statement will give Mr Osbourne a chance to outline an update on the state of the economy, as well as give his response to the independent data released by the OBR.

The chancellor's statement has replaced the pre-Budget report, which under the previous Labour government was seen as a mini-Budget in which draft tax and spending decisions were outlined.

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