Chancellor announces Spring Budget date

The Chancellor of the Exchequer, Philip Hammond, has announced that he will deliver the 2017 Spring Budget on Wednesday 8 March.

The Spring Budget speech will be Mr Hammond’s first, and will set out the government’s plans for the UK economy, based on the latest forecasts from the Office for Budget Responsibility (OBR).

spring-budget

It will also be the last Spring Budget – during the 2016 Autumn Statement, the Chancellor announced a significant change to the way in which fiscal events are scheduled.

Following the 2017 Spring Budget and Finance Bill, Budgets will, in future, be delivered in the Autumn, with the first one taking place in Autumn 2017.

Therefore, 2017 will have two full Budgets in both the Spring and the Autumn.

The OBR will produce a Spring forecast from 2018, and the Chancellor will make a new Spring Statement responding to that forecast in the same year.

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