What not to expect from Philip Hammond Spring statement

Philip HammondPA

This red box won't be posing for photographs next month

The Treasury has moved to play down expectations of Chancellor Philip Hammond's Spring statement next month.

The statement will have "no red box, no official document, no spending increases, no tax changes" and will last 15-20 minutes, a spokesman said.

The event on 13 March will set out updated UK economic forecasts.

Mr Hammond has decided to end the system of there being a Budget and a financial statement which was effectively a "mini Budget" each year.

The Treasury spokesman outlined the plans to the Financial Times for the statement which, unlike most recent Budgets and Autumn statements, is being delivered on a Tuesday rather than taking the high profile slot straight after Prime Minister's Questions on a Wednesday.

When Mr Hammond announced his plan to move the Budget from March to the autumn and the scrapping of the Autumn statement, he said "no other major economy makes hundreds of tax changes twice a year, and neither should we".