WHITEHALL

The conjuring trick for the Autumn Budget

Jonathan Werran looks at what is likely to be unveiled in the Autumn 2012 budget statement.

The next two weeks will see plentiful speculation as to what sort of rabbits chancellor George Osborne can pull from the Exchequer hat during his Autumn Budget statement on 5 December.

Ahead of March's Budget, the European Union gave Mr Osborne permission to nab the Royal Mail pension fund – a move releasing £28bn with which to pay down the national debt and bring borrowing under the £100bn mark for the first time since the financial crisis began in 2008. However, this particular rabbit came with £37.5bn in long-term liabilities hidden behind its long ears.

Jonathan Werran

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