Spring statement 2018: the chancellor's key points at a glance

Elias Hubbard
March 13, 2018

Speaking at the weekend, Mr Hammond cautioned that, at 86.5% of GDP, Britain's national debt remains "higher than the safe level". The 20-minute speech is thought to reveal $15 billion more money in the Treasury's accounts after higher than expected tax windfall and lower borrowing projections.

"Philip Hammond must use today to act and end austerity".

Plastics have become something of a poster material for this government's environment strategy, with the headline commitment in the long-awaited 25 Year Environment Plan being a pledge to eliminate all "avoidable" plastic waste by 2042, while Hammond floated the idea of a plastics tax during his Autumn Statement in November 2017.

Therefore, the Spring Statement is no longer a "fiscal event", meaning no tax and spending announcements will be made.

The OBR is an independent public body that provides the United Kingdom government with economic predictions, including borrowing and growth forecasts.

Economists expect Mr Hammond will announce Government borrowing is set to be about £7bn lower in 2017-18 than had been predicted when he unveils the latest forecasts of the Office for Budget Responsibility (OBR), which will for the first time include spending estimates for the £35-39bn Brexit "divorce bill" agreed with the European Union in December.

An estimation of Britain's divorce bill for leaving the European Union will be announced.

The Chancellor of the Exchequer Philip Hammond is set to launch a public consultation on how the tax system can be used to reduce single-use plastics, according to Sky News.

Labour has called on the Chancellor to use the statement to declare a halt to austerity measures and "end the financial crisis in our public sector".

"Our public services are at breaking point and many of our local councils are near bankruptcy", he said. Our country can not afford for him to continue to ignore the problems facing working households in our country.

Other reports by Click Lancashire

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