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Spring Statement scheduled for 13 March 2018

On 6 December 2017, the Chancellor of the Exchequer, Philip Hammond, announced that the Spring Statement will be on Tuesday 13 March 2018. This will consider “longer-term fiscal challenges” and commence consultations on how these can be addressed.

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Following the chancellor’s announcement at Autumn Statement 2016 on 23 November 2016, there will, from autumn 2017, be one major fiscal event in each year. As part of this transition, there were two Budgets in 2017, one in spring on 8 March and another in autumn on 22 November.

 

However, the Office for Budget Responsibility (OBR) is required by law to produce two forecasts a year to which the UK government is required to respond. One of these will remain at Budget time (autumn). The other will fall in the spring and the government will respond to it with the Spring Statement.

 

However, just because the Budget has moved from the spring to the autumn does not mean that the Spring Statement loses importance. This is because the UK government may still make changes to fiscal policy if the economic circumstances require it.

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