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Rolling coverage as chancellor Philip Hammond reveals new growth and borrowing forecasts, as Brexit crisis rages in parliament. Skip to main content The Guardian – Back to home Support The Guardian Available for everyone, funded by readers Contribute Subscribe Contribute Search jobs Sign in My account Comments & replies Public profile Account details Emails & marketing Membership Contributions Subscriptions Sign out Search switch to the International edition switch to the UK edition switch to the US edition switch to the Australia edition current edition: International edition News Opinion Sport Culture Lifestyle Show More News World news UK news Science Cities Global development Football Tech Business Environment Obituaries Opinion The Guardian view Columnists Cartoons Opinion videos Letters Sport Football Rugby union Cricket Tennis Cycling F1 Golf US sports Culture Books Music TV & radio Art & design Film Games Classical Stage Lifestyle Fashion Food Recipes Love & sex Health & fitness Home & garden Women Men Family Travel Money What term do you want to search? Search with google Make a contribution Subscribe International edition switch to the UK edition switch to the US edition switch to the Australia edition Search jobs Dating Holidays Digital Archive Discount Codes The Guardian app Video Podcasts Pictures Newsletters Today’s paper Inside the Guardian The Observer Guardian Weekly Crosswords Facebook Twitter Search jobs Dating Holidays Digital Archive Discount Codes Business Economics Banking Money Markets Project Syndicate B2B More Business live Business Spring statement: Philip Hammond to reveal state of UK’s economy and finances – live
Rolling coverage as chancellor Philip Hammond reveals new growth and borrowing forecasts, as Brexit crisis rages in parliament
Chancellor’s spring statement due today 2019 growth forecast may be cut But finances may look healthier Tech giants face clampdown Politics Live: MPs to vote on no-deal today LIVE Updated
Britain’s Chancellor of the Exchequer Philip Hammond outside Downing Street in London, Britain. Photograph: Peter Nicholls/Reuters Graeme Wearden
Wed 13 Mar 2019 08.51 GMT First published on Wed 13 Mar 2019 08.28 GMT
Share on Facebook Share on Twitter Share via Email Key events Show 8.43am GMT 08:43 Hammond to target tech giants 8.42am GMT 08:42 Labour’s McDonnell: It’s time to end austerity 8.04am GMT 08:04 Introduction: It’s the Spring Statement Live feed Show 8.51am GMT 08:51
The Sun is reporting that Hammond will unveil a £100m funding package for the police, in response to the surge in knife crime .
They say most of the new cash will be spent on new violent crime units in seven worst affected UK areas — London, the West Midlands, South Yorkshire, West Yorkshire, South Wales and Manchester.
The money will also help pay for police officers overtime.
The Sun says :
It is a major victory for Home Secretary Sajid Javid, who demanded the cash after the surge in knife killings this year.
Chancellor Philip Hammond had offered a new package of £50 million but Mr Javid held out for more.
CrimeLine (@CrimeLineLaw) Today’s spring statement will include a £100m funding boost for police forces. The Chancellor will provide the cash in a bid to tackle rising levels of violence on Britain’s streets. He has previously urged forces to divert existing resources from lower-priority crime instead of
March 13, 2019 CrimeLine (@CrimeLineLaw) demanding more, but the Home Secretary has backed senior officers who said they needed extra money to pay for overtime. Around two-thirds of the cash injection is to be targeted at more street policing, while the rest will fund specialist Violence Reduction Units.
March 13, 2019 Facebook Twitter 8.43am GMT 08:43
Hammond to target tech giants The world’s technology giants may find themselves in the firing line in today’s spring statement.
Our economics editor Larry Elliott explains:
A fresh bid to curb the market power of US tech giants will be signalled by Philip Hammond on Wednesday when he welcomes the findings of an independent review calling for government action to ensure companies including Google, Facebook and Apple face stiffer competition.
The chancellor will use his annual spring statement to promise action after a review conducted for the Treasury by Jason Furman, Barack Obama’s chief economic adviser, concluded that the dominance of the big digital players was curbing innovation and reducing consumer choice.
Here’s the full story:
Chancellor to make fresh attempt to curb power of tech giants Read more Facebook Twitter 8.42am GMT 08:42
Labour’s McDonnell: It’s time to end austerity Shadow chancellor John McDonnell released a video clip last night, urging Hammond to end austerity once and for all.
Local government is on its knees, child poverty is rising , and people are being driven to food banks by the government’s universal credit system, McDonnell says:
John McDonnell MP (@johnmcdonnellMP) Tomorrow, the Chancellor will deliver the #SpringStatement2019 to Parliament. This is the week we demand an end to austerity once and for all. #SpringStatement pic.twitter.com/rS1kXOfoVK
March 12, 2019 Facebook Twitter 8.37am GMT 08:37
Here’s our preview of what to expect today:
What can we expect from Hammond’s spring statement? Read more Facebook Twitter 8.29am GMT 08:29
We’ll be tracking the spring statement here, while Politics Live focuses on Brexit:
Brexit: MPs to vote on leaving the EU with no deal – Politics live Read more Facebook Twitter 8.04am GMT 08:04
Introduction: It’s the Spring Statement
Philip Hammond, Chancellor of the Exchequer, after last night’s Meaningful Vote Photograph: James Veysey/REX/Shutterstock
Britain has seen some famous fiscal events over the years. From Hugh Gaitskell introducing charges on dental work and glasses in 1951 (triggering Nye Bevan’s resignation) to Sir Geoffrey Howe hiking taxes in the teeth of the 1981 recession or Gordon Brown announcing £40bn of fresh NHS funding in 2002, chancellors have made the political and economic weather at the dispatch box.
But not today. Instead, Philip Hammond’s Spring Statement is likely to be more of a fiscal non-event.
For a start, it’s not a full budget – more like an update on the nation’s financial health.
Secondly, it’s being overshadowed the full-blown Brexit crisis raging, now that MPs have rejected Theresa May’s deal again.
MPs ignore May’s pleas and defeat her Brexit deal by 149 votes Read more
So Hammond’s performance will be more like a palate cleanser, between last night’s Meaningful Vote and a new vote tonight on whether to rule out leaving the EU without a deal. Theresa May and Jeremy Corbyn will further steal the limelight when they clash at PMQs at noon, before the chancellor speaks.
But what can we expect?
Hammond will give MPs the latest growth forecasts. The independent Office for Budget Responsibility may have downgraded its view of 2019, given the recent global slowdown. In October 2018, they projected 1.3% growth for 2018 — but just last week, the OECD said growth will slide to just 0.8% this year .
But the OBR could also bring good news — the UK may need to borrow less than previously expected, thanks to bumper tax receipts in January.
That means Hammond’s “Brexit war chest” – money set aside to protect the economy if a no-deal Brexit occurs – may have swelled from £15bn close to £20bn.
The chancellor is expected to tell Parliament that this goody bag could be used on urgent priorities such as schools and hospitals, as long as Britain doesn’t crash out of the EU (something to concentrate MPs minds ahead of tonight’s vote).
Beth Rigby (@BethRigby) Cabinet convenes at 8am to discuss Chancellor’s Spring statement. But, as one cabinet source told me, they’ll be 10mins on that & the rest on Brexit and the No Deal vote…
Spring statement at 12.30pm where CX will pledge billions of pounds of spending if UK agrees deal #MV3 2/
March 13, 2019 George Parker (@GeorgeWParker) @PhilipHammondUK will be rewriting his spring statement speech right now: expect some corruscating words for the Tory MPs who are about to add further uncertainty to the British economy – and jeopardising £15bn-20bn of public spending, currently held in a Brexit insurance fund
March 12, 2019 The statement may also announce some new consultations into the issues facing Britain (productivity problems and climate change, perhaps), or an update on Hammond’s Digital Services Tax.
But more wide-ranging changes to tax and spending plans, to reverse the impact of years of painful austerity, must probably wait for another day.
The agenda 12.30pm GMT: Philip Hammond delivers the Spring Statement 1.30pm GMT (estimate): OBR publishes its Economic and fiscal outlook Updated at 8.31am GMT
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