Statement on Wednesday 13th March 2019
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
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
Spring Statement 2019, what you need to know.
Need to know & Chancellor's
Spring Statement 2019 and Spending Review: an IFS and IfG briefing.
The outlook for the 2019 Spending Review from the Institute of
See a guide to Budget statement buzzwords. More...
See earlier budget reports. More
the Budget in November
did we see of interest to classic car enthusiasts?
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
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
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 wwas used as a launch pad for consultations on new
measures and an update to those already under way.
more of the views from PWC