The Chancellor of the Exchequer, Philip Hammond, is expected to deliver his Spring Statement for 2019 next week. This is the second Spring Statement by Hammond, who introduced it for the first time in 2018.
What can we expect from the Spring Statement?
Just like the Autumn Budget, the Spring Statement will be announced via a speech in the House of Commons by the Chancellor but that is where the comparison ends. Unlike the Budget, where the focus is on tax and spending and plans for the coming financial year, next weeks speech will be limited to an update on how the UK economy is performing.
Wednesday 13th March has been announced as when Philip Hammond’s speech will take place, at around 12.30pm. The Spring Statement is much shorter than the Autumn budget, at only around 20 minutes. Following the Chancellors speech on the economy, there will be a Commons debate which is expected to take up to two hours.
Mr Hammond will include financial forecasts in his speech which will be based on data from the Independent Office for Budget Responsibility (OBR).
While the UK’s ongoing relationship with the EU remains unclear, it will be of interest to see how the Chancellor will address the potential for Brexit to have an impact on projected GDP growth and borrowing for the UK in the near future.
Click here to read the 2018 statement.