[sprɪŋ ˈsteɪtmənt]
The Spring Statement acts as a mid-year financial review made by the Chancellor in the UK. It usually outlines how the economy has performed since the autumn.
The Spring Statement is an annual economic update given by the Chancellor of the Exchequer in the United Kingdom. It acts as a mid-year financial review that outlines how the economy has changed and performed since the Autumn Statement was made.
It typically takes place in March.
It is not a formal budget and does include any major policy announcements. However, it is important to analyse what was said as occasionally there are changes that affect the average individual, like changes to tax rates.
Historically, the budget was announced in the Spring Statement but was moved to the Autumn Statement in 2017 to allow time for new legislation to pass before the start of the Tax Year.
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