Martin Gilbert: More long-term thinking is needed from Chancellor Hammond's Spring Statement

Unlikely to announce significant change in 20-minute statement

It is that time of the year again, or is it? On Tuesday, Chancellor Philip Hammond will get to his feet in the House of Commons at 12.30pm to deliver his Spring Statement, not the 2018 Budget.

It will certainly be different, not least as it is expected to last no longer than 20 minutes, a good half hour shorter than his March 2017 Budget speech. The Chancellor announced this change to the parliamentary calendar back in 2016. At the time, he pointed out moving the main Budget from March to November would align it better with other countries. Update: Investors given a week-long extension to benefit from lower-risk EIS He commented: "No other major economy makes hundreds of tax changes twice a year, and neither should we. If unexpected changes in the economy require it, the...