Hammond announces date of Spring Statement

6 Dec 17

The first Spring Statement will take place on 13 March 2018, chancellor Philip Hammond has announced.

At the 2016 Autumn Statement, Hammond substantially reset the Budget timetable, streamlining it to just one major fiscal event a year.

Under the revised timetable, the Budget will take place in the autumn and the government will respond to economic updates issued by the Office for Budget Responsibility in the following spring.

There will be no significant tax or spending announcements in the spring statement, unless economic circumstances require it.

“A single autumn Budget will mean tax changes are announced well in advance of the start of the tax year in which they will take effect,” the government said.

“There will be more time available to scrutinise draft tax legislation ahead of its introduction and commencement.

“Businesses and individual taxpayers should face less frequent changes to the tax system, helping to promote certainty and stability.”

The change also brings the UK in line with other major economies, which get by with just one major fiscal event each year.

This is seen as best practice by the OECD and International Monetary Fund.

  • Vivienne Russell

    Vivienne Russell is managing editor of Public Finance magazine and publicfinance.co.uk

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