• Home
  • About us
  • Contact Us
  • Date/Time
  • Login
  • Subscribe

logo

  • Home
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
Home
  • Home
  • Blogs
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
  • Home
  • Economics & Finance

As Hammond’s Spring Statement nears, how is the UK economy doing?

In his pared-down statement on 13th March, “Spreadsheet Phil” will have some better numbers on growth and the public finances

by Paul Wallace / March 8, 2018 / Leave a comment
  • Facebook
  • Twitter
  • Linkedin
  • Email

Chancellor Philip Hammond leaves No 11. Photo: Kirsty O’Connor/PA Wire/PA Images

Along with yellow daffodils, one of the first sights of spring is a chancellor of the exchequer brandishing the red box outside No 11 Downing Street before heading to the House of Commons to deliver his budget. But not this year: Philip Hammond did that last November for the fiscal year starting this April. And now instead of the customary budget he will make a Spring Statement, on Tuesday 13th March.

“Spreadsheet Phil” has reset the fiscal calendar as part of his resolve to break with the tradition of his predecessors over the past two decades in holding in effect two budgets a year, a recipe for short-term fiddling and political grandstanding. Hammond has already made clear that the Spring Statement will be drained of political colour, with no new tax-and-spend measures. Instead the chancellor will confine himself to the monochrome minimum that he is obliged to do, which is to present a new set of economic and fiscal forecasts.

The requirement for the government to publish economic forecasts at least twice a year dates back to the Industry Act of 1975 (a high-water mark as it happens for Bennite interventionism in the economy). Since 2010 the independent Office for Budget Responsibility (OBR) rather than the Treasury has carried out the economic and fiscal forecasting together with an assessment of how the government is doing in meeting its budgetary objectives. Despite Hammond’s desire to downplay the Spring Statement, the OBR’s new forecasts will cast light on the economy and public financ…

YOU’VE HIT THE LIMIT

You have now reached your limit of 3 free articles in the last 30 days.
But don’t worry! You can get another 7 articles absolutely free, simply by entering your email address in the box below.

When you register we’ll also send you a free e-book—Writing with punch—which includes some of the finest writing from our archive of 22 years. And we’ll also send you a weekly newsletter with the best new ideas in politics and philosophy of culture, which you can of course unsubscribe from at any time







Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

17335123215c6fd8fb2a8918.07761549

Go to comments

Related articles

Spreadsheet Phil delivers an autofill speech
Paul Wallace / October 1, 2018
The chancellor fails to enumerate home truths about Brexit
Will the chancellor’s gamble pay off?
George Magnus / November 1, 2018
Hammond is playing a high stakes game with the economy
Share with friends
  • Facebook
  • Twitter
  • Linkedin
  • Email

Comments

No comments yet

Prospect's free newsletter

The big ideas that are shaping our world—straight to your inbox. PLUS a free e-book and 7 articles of your choosing on the Prospect website.

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information. Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This Month's Magazine

Perspiciatis unde omnis iste natus.

Prospect is the leading magazine of ideas. Each month it is packed with the finest writing on politics, culture, economics and ideas. Subscribe today and join the debate.

Subscribe

Most Popular

  • Read
  • Commented

This proposal for breaking the Brexit deadlock deserves serious consideration

Did the SDP really split the left in 1983?

The Duel: Has modern architecture ruined Britain?

Nonsense economics: the rise of modern monetary theory

The invigorating strangeness of Friedrich Nietzsche

The Conservative Party has a problem—it’s no longer conservative

5 Comments

The impact of Brexit on services has not received nearly enough attention

2 Comments

Even if Britain stays in Europe, we need a new constitutional settlement

2 Comments

If May's deal is in flames, Labour should not seek to put out the fire

2 Comments

The naïve optimism of Liam Fox

2 Comments

About this author

Paul Wallace
Paul Wallace is the former European Economics Editor of the Economist. He is the author of "The Euro Experiment" (Cambridge University Press)
More by this author

More by Paul Wallace

Spreadsheet Phil delivers an autofill speech
October 1, 2018
Brexit Britain is playing chicken with the economy
September 28, 2018
The emerging crisis in emerging markets
September 6, 2018

Next Prospect events

  • Details

    Prospect Book Club—Diarmaid MacCulloch

    London, 2019-05-20

  • Details

    Prospect Book Club—Sue Prideaux

    2019-04-15

  • Details

    Prospect Book Club—Andrew Roberts

    2019-03-14

See more events

Sponsored features

  • The future of transport: taking Britain into the fast lane

  • Reforming the pension system to work for the many

  • Putting savers in the driving seat: getting the pensions dashboard right

  • To fix the housing crisis we need fresh thinking

  • Tata Steel UK: Driving innovation for the future of mobility

PrimeTime

The magazine is owned and supported by the Resolution Group, as part of its not-for-profit, public interest activities.

Follow us
  • Facebook
  • Twitter
  • Google+
  • RSS

Editorial

Editor: Tom Clark
Deputy Editor: Steve Bloomfield
Managing Editor (Arts & Books): Sameer Rahim
Head of Digital: Stephanie Boland
Deputy Digital Editor (Political Correspondent): Alex Dean
Creative Director: Mike Turner
Production Editor & Designer: Chris Tilbury
US Writer-at-Large: Sam Tanenhaus

Commercial

Commercial Director: Alex Stevenson
Head of Marketing: Paul Mortimer
Marketing and Circulations Executive: James Hawkins
Programme Coordinator: Oliver James Ward
Head of Advertising Sales: Adam Kinlan 020 3372 2934
Senior Account Manager: Dominic Slonecki 0203 372 2972

  • Home
  • Advertising
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Acceptable Use Policy
© Prospect Publishing Limited
×
Login
Login with your subscriber account:
You need a valid subscription to login.
I am
Remember Me


Forgotten password?

Or enter with social networking:
Login to post comments using social media accounts.
  • With Twitter
  • Connect
  • With Google +
×
Register Now

Register today and access any 7 articles on the Prospect’s website for FREE in the next 30 days..
PLUS find out about the big ideas that will shape our world—with Prospect’s FREE newsletter sent to your inbox. We'll even send you our e-book—Writing with punch—with some of the finest writing from the Prospect archive, at no extra cost!

Not Now, Thanks

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

×
You’ve got full access!

It looks like you are a Prospect subscriber.

Prospect subscribers have full access to all the great content on our website, including our entire archive.

If you do not know your login details, simply close this pop-up and click 'Login' on the black bar at the top of the screen, then click 'Forgotten password?', enter your email address and press 'Submit'. Your password will then be emailed to you.

Thank you for your support of Prospect and we hope that you enjoy everything the site has to offer.

This site uses cookies to improve the user experience. By using this site, you agree that we can set and use these cookies. For more details on the cookies we use and how to manage them, see our Privacy and Cookie Policy.