Spotlight On: Spring Statement 2019
The date of the Spring Statement has been announced for the 13 March and our specialists will be on hand to provide key analysis of the Chancellor’s Statement.
As always, our team will be reviewing any announcements and providing insights to help guide you and your business.
We will be delivering live updates as the Spring Statement happens so stay tuned to our social media channels and website to get the latest news and reaction.
What we might see in the Spring Statement?
The Chancellor has indicated that the Spring Statement will mainly be an economic update and response to the new fiscal and economic forecasts from the Office for Budget Responsibility.
Any significant tax changes are not expected, and we might see it used to launch consultations on addressing long-term fiscal challenges.
Brexit and the Spring Statement
The Spring Statement coincides with three key votes for Brexit, the first being the vote on Theresa May’s renegotiated Brexit Deal on the 12 March. If that is rejected MPs will vote on the 13 March whether to leave the EU without a deal and if MPs reject that offer, they will be given the chance on the 14 March to vote on a delay to Brexit and ask for an extension of Article 50.
In the October Budget, The Chancellor highlighted that he had a contingency fund set aside for a no-deal Brexit. If MPs agree to the new deal on the 12 March, we could see this money instead being invested into public finances if the risk of a no-deal exit from the EU was removed.
But with the Spring Statement coming just hours between these two key Brexit votes, much will remain unclear until the 13 March.
Click here to review our latest commentary and insights on Brexit.
Can’t wait to know how the Spring Statement will affect your business?
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