Spring Statement: An Overview

Chancellor Philip Hammond has delivered his inaugural Spring Statement. Much of his speech was confirmation of policies announced in the Autumn Budget

Emma Wall 13 March, 2018 | 1:17PM

 

 

Emma Wall: UK Chancellor Philip Hammond has just delivered his inaugural Spring Statement having moved the Budget to the autumn last year. As expected, it was a bit of a nonevent. He wasn't expected to release any big policy changes and all he really did was confirm the policies and the proposals that he has set out in the Autumn Budget 2017. These included confirming how many people have taken advantage of the stamp duty new allowances and indeed, how many houses had been built and the progress that had been made on infrastructure projects.

What was new news was the upgrade for growth in 2017 from 1.5% to 1.7%, although this was leaked ahead of the event. He made some predictions about where we can expect inflation to go from here, coming down from 3% it is today over the next 12 months to the government's target of 2%. He said because of this we could expect real wage growth which we haven't had for some time.

The only new news, well, there will be some consultations around environmental issues, including helping white vans get more green and indeed, some other things such as helping plastics and the impact that they have, the detrimental impact that they have on our oceans.

All in all, bit of a nonevent, but positive news on the policies from the Budget 2018.

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About Author

Emma Wall

Emma Wall  is Senior International Editor for Morningstar