posted on 14 March 2018, updated on 01 January 0001

The Spring Statement 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 (March 2018).

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 consultation outcome on Business Rates: Delivering More Frequent Revaluations has been published.

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.

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