Report on the Budget
in November 2018. More
Following the Chancellors announcement at Autumn Statement 2016,
there will now only be one major fiscal event ("Budget")
each year. The last Budget statement was in November 2018.
"budget statement" on Wednesday 13th March 2019
Chancellor Philip Hammond will make his Spring Statement on Wednesday
13th March 2019 to the House of Commons responding to the forecast
from the Office for Budget Responsibility (OBR). His statement, sometimes
referred to as a "Mini Budget", will set out the Government's
plans at a particularly difficult time when so much activity related
to Brexit dominates both proceedings in Parliament and across the
UK. It'll start at 12.30pm in the House of Commons after Prime Minister's
Questions - and it's expected to last for a maximum of an hour.
usual we will have a prompt report on the statement and the measures
announced by the Chancellor of interest to classic motoring enthusiasts
posted here within an hour or so of his sitting down in the House
What could we see of interest to classic car enthusiasts?
hope the freeze on fuel duty will continue and also that there will
be no further increases in Insurance Premium Tax (IPT). See fuel
duty pledge and IPT fears.
The outlook for the 2019 Spending Review from the Institute of
What might we see? -
views and predictions from PWC
This years Spring Statement has had to elbow its way into a tightly
packed, and likely historic, parliamentary timetable. Potentially
sandwiched between a second meaningful vote on the Brexit deal and
potential debates on a No Deal Brexit and a delay to the
Brexit timetable means we are unlikely to see any significant tax
measures in this Statement. In
normal times this would mean waiting until the Autumn for new tax
changes. However there is the possibility of a summer Budget, once
we have more clarity on the shape of the UKs future relationship
with the EU. A special budget may be therefore hinted at. Tax
receipts from the recent January payments round have boosted the Treasurys
buffer and taken the pressure off the need to introduce new tax raising
measures right now. So the Spring Statement will likely only be used
as a launch pad for consultations on new measures and an update to
those already under way.
more of the views from PWC
Predictions for Philip Hammond's 'mini budget' before Brexit -
Views of the Daily Express
UK public finances set for windfall in spring statement -
views from the Financial Times
the views of the FT
See a guide to Budget statement buzzwords. More...
See earlier budget reports. More