The business community responded warmly to this change with Carolyn Fairbairn stating that “reducing the frequency of fiscal events along with the commitment to stick to the tax roadmap will provide stability for businesses”. Now, over a year later, on 13 March the Chancellor will deliver his first Spring Statement.
In-keeping with Mr Hammond’s desire to take a longer-term and more holistic approach to policymaking, the Chancellor is expected to provide an update on the state of the public finances and the UK’s economic outlook rather than announce significant changes to the government’s tax and spending plans.
Encouragingly for the Chancellor, figures released last month by the ONS for January 2018 show public sector borrowing decreasing, with UK borrowing for the year to date at its lowest level since the financial crisis. This could mean that the government’s fiscal watchdog, the Office for Budget Responsibility, will revise down its forecast for 2017/18 borrowing, which would be w