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12 March 2018

Spring Statement

Dan Woods Squared

The Spring Statement is just around the corner, what does this mean for the average person and/or the average business owner? 

The Spring Statement used to be the Spring Budget until Phillip Hammond changed everything around and the Statements would executed in Spring whereas the Budget would be done in August to allow more time for businesses to make proper plans and arrangements for the new tax year. This is the first Spring Statement in Phillip Hammond's reign as Chancellor.

The Spring Statement is in place to allow parliament to scrutinise the budget and make adjustments if needed, Hammond was quoted saying he won't make pointless changes when they aren't needed, but as always we can expect the unexpected.

What should we expect?

 The Treasury has stressed that the 2018 Spring Statement will contain “no spending increases, no tax changes” but rather be a relatively short response to the latest forecast from the Office for Budget Responsibility (OBR). Don't be fooled though, as tax changes could still pop up. Early indications look at a series of policy consultations that will feed into the announcements to be made at the Autumn Budget later this year. There has been much focus in recent weeks on taxation of the digital economy and of the self-employed. It’s possible that we could see some further developments on 13 March.

Where to Watch

You can watch Hammond’s speech on Tuesday live on the BBC News channel, and on BBC Two there will be coverage of the developments from 11am to 12.30pm.