What time is the Spring statement 2018 today and what is Chancellor Philip Hammond expected to say?
THE Chancellor of the Exchequer will deliver a Spring statement to the House of Commons on March 13, 2018, to provide an update on the nation's financial health.
Here is what we can expect from Philip Hammond when he takes to the despatch box.
When is the Spring statement?
The Spring statement will take place on March 13, 2018, and will see the Chancellor set out updated economic forecasts for the UK.
It is expected to be a short, 15-20 minute statement at 12.30pm in the House of Commons
The statement is taking the place of The Budget - which has moved to autumn.
Traditionally the Chancellor would make two big financial statements but Hammond changed the arrangement in 2016.
What will Philip Hammond say?
Hammond is expected to say Britain’s economy is in better shape than expected but add that the national debt needs to be reduced.
Borrowing is expected to be up to £10bn lower than last year, due to better-than-expected tax revenues.
The outlook for growth is up on predictions three months ago.
The Office for Budget Responsibility (OBR) said in November the economy was due to expand by 1.5 per cent in 2017 and 1.4 per cent this year.
This has now been revised upwards to 1.7 per cent for 2017 and a similar figure for 2018.
Government borrowing is also in a healthier state due to improved tax receipts and Hammond is expected to say the government will not need to borrow to cover its day-to-day spending this year for the first time since the financial crisis.
More money could be funnelled into the NHS in the future which could mean tax rises or a specific tax for health, according to the BBC.
In a break with recent tradition Mr Hammond will not use the Spring statement as a mini-Budget and will not make policy announcements or changes to current fiscal policies.
Hammond is also expected to announce consultations on a single-use plastics tax and a possible tax on the profits of internet giants such as Facebook and Google.
Speaking on the BBC's Andrew Marr Show at the weekend, Mr Hammond warned that he would not relax his grip on public finances despite seeing "light at the end of the tunnel" for the economy after years of austerity.
What is the history of the red Budget box?
The Chancellor of the Exchequer pictured holding the red briefcase is a traditional part of every Budget.
The red box is used to transport the Budget speech and dates back to former PM and four-time Chancellor William Gladstone in the 19th century.
According to HM Treasury: "Ministers are permitted to use ordinary lockable briefcases to transport information which has been classified ‘Confidential’ or below.
"For information with a higher security level (such as ‘Secret’) they are required to use despatch boxes, which offer a higher level of security, and which are usually red."
The briefcase has been used for more than 150 years with the first box being made for Gladstone in 1860.
Gladstone's box was lined with black satin and covered with scarlet leather.
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His original box was used by every UK Chancellor until 2011 with the exception of James Callaghan (Chancellor 1964-1967) and Gordon Brown (Chancellor 1997-2007) who both had new cases commissioned.
It has been suggested that Callaghan said Gladstone's was too small and had a bigger one made from brown leather.
Gladstone's original box was brought out of retirement in 2007 when it was used by Alistair Darling until 2010.
George Osborne also used it in June 2010.
It has now been officially retired for good due to its fragility and is due to be displayed in the Cabinet War Rooms in London.
Since March 2011, a new box commissioned by The National Archives has been used.
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