  Report on the Budget in November 2018. More Following the Chancellor’s 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. Posted: 190310 |
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"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. As 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 of Commons. What could we see of interest to classic car enthusiasts? We 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 Fiscal Studies IFS website 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 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 will likely only be 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 Predictions for Philip Hammond's 'mini budget' before Brexit - Daily Telegraph More Views of the Daily Express More UK public finances set for windfall in spring statement - views from the Financial Times See the views of the FT See a guide to Budget statement buzzwords. More... See earlier budget reports. More |
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