The date for the 2019 Spring Statement has been confirmed by Chancellor of the Exchequer, Philip Hammond, with the scaled-down fiscal announcement scheduled for Wednesday, 13th March.
It means that the Spring Statement 2019 will be made to the House of Commons just 17 days before the UK is scheduled to leave the European Union (EU).
Mr Hammond penned a letter to the Treasury Committee on Tuesday, confirming the date for the UK Government’s response to the latest fiscal forecasts from the independent Office for Budget Responsibility (OBR).
Hammond’s previous correspondence with the OBR had intimated that a Spring Statement was likely to be scheduled “no sooner than 25th February and no later than 31st March”.
If the UK was to leave the EU without a deal, it is widely expected that the Chancellor would be forced to deliver an emergency budget to reassure businesses and communities.
The Prime Minister is still locked in negotiations with MPs and the EU regarding the UK’s Withdrawal Agreement, after her previous deal was rejected by a landslide earlier this month.
The Government’s reasoning was that the UK was the only major advanced economy at the time to make two annual amendments to its tax system.
The Evening Standard claims that Whitehall insiders are playing down the significance of the Spring Statement 2019, intimating that it will be a low-profile event and won’t involve any key fiscal amendments.
To stay up-to-date on the impending Spring Statement 2019, stay tuned to our dedicated Spring Statement page for a comprehensive summary of proceedings just hours after Mr Hammond’s speech.
If you would like a free Spring Statement 2019 summary of the key points affecting your small business sent to your email inbox, make a request via our online enquiry form.