Spring Statement: Our key takeaways

March 15th, 2019

This year’s Spring Statement was not the time for ground-breaking tax or spending announcements. Since the abolition of the annual Spring Budget, the major fiscal event is now reserved for the autumn, and with the Government caught in the midst of Brexit turmoil, no doubt the Chancellor was prepared for an especially low-key event when he delivered his speech to the House.

Despite ongoing uncertainty around our exit from the EU, the Chancellor gave a reassuring message that the ‘economy, itself, is remarkably robust’. However, this stands in contrast to the OBR who is slightly more pessimistic by cutting the growth forecast to 1.2% for 2019, down from a previous estimate of 1.6%.

Although substantial announcements were scarce, the following points were outlined in the Government’s supporting documents:

As MPs continue to debate Brexit, the Chancellor didn’t commit to plans for a full fiscal event this summer, so it remains to be seen whether a no-deal Brexit would lead to calls for an emergency Budget. On the whole, Hammond’s review was a subdued affair.

Click here for a more detailed analysis of the Spring Statement.


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