The 2019 UK Spring Statement will take place on 13 March 2019.
This isn’t a full fiscal event, it is the Chancellor’s response to the forecast from the Office for Budget Responsibility.
We expect changes to the pensions tax regime to fall somewhere between minimal and nil. Not only because any such changes should be announced in the Autumn Budget, but also because of the priority that Brexit has been assuming. In addition, at the moment we don’t know the economic position post-29 March – and neither does the government.
It may, in fact, be grateful that the Easter Parliamentary recess falls 4 to 23 April, effectively precluding a Spring Statement in the aftermath of 29 March. The government will wish to avoid (as much as is possible) knee-jerk reactions and it may take some time for any economic fog to lift. But it would have been politically difficult to maintain a “wait and see” approach within a Spring Statement if, at the same time as it was taking place, the economy appeared to be going into shock. If emergency measures are necessary, the government will respond as and when it deems appropriate.
We will comment on any relevant pensions announcements made on the day, on this page.