The spring statement is an annual announcement made by the Chancellor of the Exchequer to the UK Parliament to discuss how the financial health of the economy has changed since Autumn.

How the spring statement affects you as an individual:

If you’re an everyday taxpayer, you might want to keep an eye to what’s in it – occasionally there might be changes to a tax rate or another.

Also, you might want to keep in mind that this is one of two main tax-related announcements per year. The other announcement is called the Autumn Budget. Both can change your tax rates and tax-free allowances.