Chancellor Philip Hammond sets date for first Spring Statement

Chancellor Philip Hammond has said he will deliver his first Spring Statement on March 13.

Mr Hammond told the Commons Treasury Committee that he would be responding to the latest economic forecasts of the Office for Budget Responsibility (OBR) and that it would not be an occasion for major tax and spending changes.

"The Spring Statement is not a Budget. It is not a major fiscal event. It will be an opportunity for me to respond to the OBR's second forecasts of the year," he said.

"I hope also to use it to discuss and present to Parliament some ideas around some longer term issues and to initiate some consultations that would then go through the summer and inform decision-making announcements at the Autumn Budget."

Mr Hammond announced last year he was moving to a system of a single Budget in the autumn with an update in the spring.

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