Spring Statement 2019 Review

Against a backdrop of mounting political turmoil over Brexit, Chancellor of the Exchequer Phillip Hammond delivered his 2019 Spring Statement on Wednesday 13th March, just hours before MPs voted to reject any no-deal Brexit. Although not legally binding, this vote sends a clear message to the Prime Minister that such an outcome would not be tolerated.

By its very nature, the Spring Statement is not intended to deliver announcements on tax and spending intentions, although previous chancellors have treated it (or rather its predecessor, the Autumn Statement) as more of a ‘mini budget’. Despite this, there were a few notable announcements at Spring Statement 2019.

The Chancellor took this opportunity to reiterate his opposition of a no-deal Brexit ahead of the evening’s vote. As one of the Cabinet’s more vocal soft-Brexit backers, it’s no surprise that Hammond’s speech in the Commons highlighted the potential damaging impact that ‘no-deal’ could have on the economy. He emphasized that the planned investments described in the Spring Statement hinged on the UK achieving a deal which ensures a smooth and orderly exit from the EU.