Govt reveals Spring Statement date

Chancellor of the Exchequer Philip Hammond has confirmed the date of the Spring Statement, when the government will respond to the latest forecast of the Office for Budget Responsibility (OBR).

The statement will be made on Tuesday 13 March 2018 and is not intended to be an event at which the government sets out any significant new economic policies, but instead an update on the country's position and how Hammond plans to navigate the economic trends in the wake of the OBR's report.

Hammond announced at the Spring Budget earlier this year that he was moving the Budget to the autumn – in the process abolishing the Autumn Statement – as he looked to establish a single major fiscal event per year.

Last month, Hammond unveiled his first Autumn Budget, where he pledged to use private finance to develop five new 'garden towns' around the country.