posted on 14 March 2018, updated on 01 January 0001
was presented to Parliament on 13 March 2018, giving an update on the
economy and OBR forecasts, and on progress since the autumn Budget.
The OBR is forecasting GDP growth of 1.5% in 2018 – see the
Economic and Fiscal Outlook
Public spending plans will be set out at the autumn Budget, and there will
be a detailed spending review in 2019. The chancellor has said that if
public finances continue to improve then there may be potential to increase
public spending in future years.
The Spring Statement announces that the next business rates revaluation
will be brought forward by a year to 2021, and revaluations will then take
place every three years, rather than every five years. The
on Business Rates: Delivering More Frequent Revaluations has been
Several new consultation documents have been issued alongside the Spring
Statement, including those on
corporate tax and the digital economy
(an update to the November 2017 position paper),
cash and digital payments in the new economy,
VAT registration threshold,
alternative method of VAT collection, and a
call for evidence on using the tax system to reduce plastic waste.