The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House of Commons on Tuesday, 13 March 2018.

This will be the first Spring Statement to take place following the government’s decision to switch to a new cycle with the annual Budget taking place in the autumn and the annual Statement taking place in the spring.

The Spring Statement will be used to give an update on the state of the economy and will respond to the economic and fiscal forecast published by the independent Office for Budget Responsibility. The Spring Statement will also be an opportunity to publish consultations, including initiating early-stage calls for evidence and consultations on long-term tax policy issues.

The Chancellor has said he will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it. However, given the current uncertainties around Brexit there could be scope for further material announcements to be made next March.