Philip Hammond, the Chancellor of the Exchequer, stood up in Parliament at 12.34pm on Tuesday 13th March, to deliver his first – already heralded as ‘slimmed down’ – Spring Statement.
He had forewarned the media and Parliament that he would not be making any specific tax or spending changes. These, together with any new governmental policy moves, must wait until his Autumn Budget. He addressed a surprisingly busy chamber. Updating Parliament on the latest available economic forecast data from the Office for Budget Responsibility (OBR), he reflected on their previous report, from November 2017.