Spring Statement date announced

Chancellor Philip Hammond has announced the date for the Spring Statement, on 13 March 2019.

With the event taking place just 17 days before the UK's planned departure date from the EU on 29 March, it is possible it could be upgraded to include major policy announcements.

According to a previous announcement in Autumn Statement 2016, there will only be one major fiscal event each financial year.

This usually takes the form of a Spring Statement that responds to economic forecasts from the Office for Budget Responsibility and announces consultations.

Spring Statement 2019 may be an exception, however, after the Chancellor reserved the right to upgrade it to a full fiscal event "if the economic or fiscal outlook changes materially in-year".

If the UK's future outlook changes significantly - for example, if no Brexit deal is reached - an emergency Budget could take place to prepare for those changes.

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