Report on the Spring Statement 2019




Posted: 190313
Spring Statement on Wednesday 13th March 2019
The Spring Statement made in the House of Commons by the Chancellor of the Exchequer, Phillip Hammond, on Wednesday 13th March 2019 provided an update on the Government's plans for the economy based on the latest forecasts from the independent Office for Budget Responsibility. These forecasts are published alongside the Spring Statement. Spring Statement

As usual we have a prompt report on the statement made by the Chancellor of points of interest to classic motoring enthusiasts. It is released within an hour or so of his statement in the House of Commons.


Spring Statement 2019, what you need to know.
Need to know
& Chancellor's statement

Spring Statement 2019 and Spending Review: an IFS and IfG briefing. More

The outlook for the 2019 Spending Review from the Institute of Fiscal Studies
IFS website

See a guide to Budget statement buzzwords. More... See earlier budget reports. More

Report on the Budget in November 2018. More

What did we see of interest to classic car enthusiasts?
With the pressing issues with the Brexit process in the Parliament, the Chancellor's Spring Statement was focused on the performance and prospects for the UK economy and resilience depending on a several outcomes for the Brexit negotiations currently in progress in the House of Commons.

The welcome freeze on fuel duty appears to be continuing and also there were no announcements with regard to any further increases in Insurance Premium Tax (IPT).
See fuel duty pledge and IPT fears.


Views from PWC
This years Spring Statement has had to elbow its way into a tightly packed, and likely historic, parliamentary timetable.
It was 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 UK’s future relationship with the EU. A special budget may be therefore hinted at. Tax receipts from the recent January payments round have boosted the Treasury’s buffer and taken the pressure off the need to introduce new tax raising measures right now. So the Spring Statement wwas used as a launch pad for consultations on new measures and an update to those already under way.
See more of the views from PWC
V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net