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 13^th 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.

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