Documents to download

The Chancellor of the Exchequer, Philip Hammond, presented the spring statement to the House of Commons on 13 March 2019. In his speech, he said that the state of the economy was such that “provided we do reach a deal to leave the European Union with an orderly transition […] this country for the first time in a decade will have genuine and sustainable choices about its future”.

No changes to the tax system were announced in the statement, and only a small number of spending measures.

The Office for Budget Responsibility (OBR) published revised forecasts for the economy and the public finances on the same day. The OBR based its forecasts on an orderly Brexit, and stated that leaving the EU in a disorderly fashion would have a “severe short-term impact” on the economy. The Chancellor referred to a “deal dividend” in the event of an orderly departure, but also to the use of fiscal and monetary policies to mitigate the effects of leaving with no deal. This could include spending some of the “fiscal headroom” which he stated that he has kept in reserve.

The Chancellor provided some details of the next spending review, which will set the overall strategy for government spending. He stated that it would be launched before the summer 2019 parliamentary recess, assuming that “a Brexit deal is agreed over the next few weeks and that the uncertainty that is hanging over our economy is lifted”. The review would be concluded “alongside an autumn budget” and would cover a three-year period. He did not indicate how these plans might change if no Brexit deal was agreed.


Documents to download

Related posts

  • The UK economy in the 1980s

    This briefing is the fourth of a series on the post-war history of the UK economy. The series proceeds decade-by-decade from the 1950s onwards, providing an overview of the key macroeconomic developments of each decade. This briefing looks at the 1980s. The decline in the profitability of industry, which began in the 1960s, was reversed in this decade; however, the share of national income received by workers fell to a post-war low.

    The UK economy in the 1980s
  • Contribution of sport to society and the economy

    This briefing considers the benefits of sport and physical activity ahead of a House of Lords debate on the subject on 16 May 2024. The government and sports sector stakeholders agree that sport has many benefits for individuals and communities, as well as for the economy more broadly. The government published a new strategy for the sports sector in August 2023. The ambition of the strategy was commended; however, sports charities and the opposition suggested that more was required from the government to deliver on it.

    Contribution of sport to society and the economy
  • Child poverty: Statistics, causes and the UK’s policy response

    The government has estimated that 4.3 million children, or 30% of all children in the UK, were living in relative low-income households after housing costs in 2022/23. This represents an increase on the previous year. The government has said unexpectedly high inflation, driven by the war in Ukraine and supply chain challenges, contributed to the rise. It argues that falling inflation, rising real wages and uprated benefits will help low-income households in the year ahead.

    Child poverty: Statistics, causes and the UK’s policy response