Philip Hammond to hold slimmed-down spring statement before Brexit date

Chancellor of the Exchequer Philip Hammond
EPA
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Chancellor Philip Hammond will hold a slimmed-down spring statement in March, shortly before Britain is due to leave the EU.

However if the UK crashes out without a deal it would be followed by an emergency mini-Budget in April designed to boost spending and confidence in the economy.

Whitehall insiders were playing down the significance of the spring statement, which is when the latest economic forecasts are published, saying it would be a low-profile event that would not involve key decisions.

Among the dates being considered are March 11 or 13.

“It is basically fulfilling a legal requirement to issue the latest forecasts from the Office for Budget Responsibility before the end of March,” said an expert.

These forecasts will be based on an assumption that Britain will leave the EU with a deal. Even if it looks like no-deal, Mr Hammond will not bring forward an emergency Budget before Brexit on March 29 because the latest thinking is that a deal might be struck with just days to go.

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