No red box, no fuss - spring statement to be non-event

Taking place on 13 March, Philip Hammond's speech will be the first Spring Statement after the chancellor of the Exchequer announced plans to switch the Budget to the autumn in his 2016 Autumn Statement - a move he described as a "long overdue reform" of UK tax policy. A spokesperson for the Treasury told the Financial Times: "There will be no red box, no official document, no spending increases, no tax changes. The chancellor will publish updated economic forecasts - we expect the speech to last between 15 and 20 minutes." Phil says it best ...