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By : Simon Gray

In the second Spring Statement, we expect the Chancellor to update the country on the state of the economy and whether the Chancellor’s claim of ‘austerity coming to an end’ is in sight.

It’s expected Mr Hammond will revise predictions on the direction of the UK economy over the coming critical years, and given Britain’s exit from the EU on March 29 is fast approaching, we are expecting this to be a focus on shaping the Chancellor’s speech.

He will deliver his Spring Statement to the House of Commons on Wednesday 13 March. It’s anticipated the Chancellor will begin at 12:30pm and last 20 minutes however the entire debate is expected to last around two hours.

What to expect

Mr Hammond will respond to the new financial predictions set out by the Office for Budget Responsibility (OBR).

We don’t expect any significant tax or spending rises but some of the obvious topics we anticipate to be addressed is GDP growth and borrowing for the UK government. Following the Chancellor’s view that the economy was being ‘overshadowed’ by Brexit uncertainty we expect Brexit to play a big part of the Statement.

People are preparing themselves for figures to show Britain’s finances in a black hole.

In addition to touching on a few longer term policies we also expect the Chancellor to use the Spring Statement to update MPs on overall progress since the last budget.

Watch our Twitter feed on 13 March for live Spring Statement updates and highlights.

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