Spring Statement 2018


The Lords waited until Thursday (15) before debating the Chancellor’s Spring Statement. Some of the speakers reflected on Chancellor Hammond’s stating that ‘There is light at the end of the tunnel’ for the UK’s public finances.

Chancellor Philip Hammond updated Parliament on the state of the economy and the nation's finances in the Spring Statement. There were no tax announcements made, as this was not a fiscal event, but a number of consultations were launched. These ranged from reforming the corporate tax regime to address the challenges of the digital economy to whether the design of the VAT registration threshold can incentivise small businesses to grow.