Hammond schedules Spring Statement 2018

The government’s Spring 2018 “Statement” -- not Budget -- has been timetabled by the chancellor for Tuesday March 13th 2018.

The distinction that the statement is not a Budget, nor a fiscal event, was made by Philip Hammond to MPs on the Treasury Select Committee.

It follows his pledge at Autumn Statement 2016 that, to make life easier for businesses and other taxpayers, there will be no further Budgets in the Spring, only the Autumn.

But the March statement is still an opportunity for Mr Hammond to respond to the OBR, the Treasury has confirmed, yet it too says major new policy announcements aren’t the intention.

Earlier this month, officials said a single Budget in the Autumn accompanied by a statement in the spring was a move towards a “predictable, stable and simple tax system.”

But a new policy paper suggests Mr Hammond can still tinker if he sees fit. It says: “The Chancellor will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it.”

Editor's Note: Image credit- Foreign and Commonweath Office

 

20th December 2017

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