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Spring Statement set for 13 March

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The chancellor of the exchequer, Philip Hammond, has announced that the government will respond to the Office for Budget Responsibility (OBR) forecast in a Spring statement on Wednesday 13 March 2019.

The announcement reiterates the government’s intention that, with the main Budget being moved to the Autumn, there will only be one major fiscal event each year.

At Autumn statement 2016, the chancellor said: ‘From 2018 there will be a Spring statement, responding to the forecast from the OBR, but no major fiscal event’, adding that, ‘if unexpected changes in the economy require it, then I will, of course, announce actions at the Spring statement, but I won’t make significant changes twice a year just for the sake of it’.

At Budget 2018, the chancellor said that if the economic or fiscal outlook were to change ‘materially’ in the coming year, he would take appropriate action, ‘including if necessary reserving the right to upgrade the Spring statement to a full fiscal event’.

Issue: 1429
Categories: News