The Chancellor of the Exchequer, Phillip Hammond, has announced that he will deliver his first Spring Statement on Tuesday 13th March 2018.
Following the Chancellor’s announcement at the Autumn Statement 2016, the government will set out their plans in autumn and make a spring statement instead – meaning there is only one major fiscal event each year, held in Autumn.
Phillip Hammond is set to slash the speech down to just 15 minutes, only consisting of a response to economic forecasts from the Office for Budget Responsibility, with no spending announcements.
This is part of a re-organisation of financial reporting instigated by the Chancellor. It has also taken place due to businesses complaining that they were having to go through a major preparation process twice a year under the old system.
This comes at a time where businesses are already trying to plan for Brexit, therefore reducing any potential changes to the tax system is seen as a way of lowering uncertainty.
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