It’s a major week for the UK economy, with the Spring Statement to be delivered on Wednesday (24 March).
But there is plenty more to the week too, with webinars offering insights into EU import system changes and a US hearing on how new government plans on shipping could upend global trade.
Spring Statement
Wednesday’s Spring Statement will see chancellor Rachel Reeves set out plans for government taxation and spending over the coming months.
Speaking to the BBC, Reeves has said the statement will not implement what she called “tax and spend” policies, which she said were not “the way to higher living standards and better public services. That's not available in the world we live in today.”
One area where spending has increased is UK Export Finance, after the government announced last week that the chancellor would be supplying an extra £2bn for the agency to support UK defence exporters.
The Daily Update will be monitoring the delivery of the statement this week for any further export-boosting measures, while Chartered Institute of Export & International Trade UK public affairs lead, Grace Thompson, has looked ahead to what it could all mean for the UK economy.
Data and evidence
The statement will come during a week that will present a clearer picture of the state of the UK’s economy. It takes place one day after another date in the parliamentary diary for traders, with the Business and Trade Committee taking evidence from nine witnesses on export-led growth tomorrow.
On Wednesday itself, the Office for Budget Responsibility (OBR) will serve up its forecasts for the UK economy and government finances, while Consumer Prices Index data on inflation will also be published.
This data comes following some troubling signs for the chancellor, with the OBR expected to halve its growth forecast from 2% to 1%, according to the Independent, while concerns were raised by the Guardian over the way the Office for National Statistics measures economic growth.
Webinars
This week’s Chartered Institute programme of webinars includes both free-to-the-public and member-exclusive sessions.
Tomorrow’s (25 March) free public webinar looks at how traders can navigate the turmoil thrown up by US president Donald Trump’s programme of tariffs, and will give a run-down on what tariffs are, how they work and what they could mean for your business.
Experts will offer tips on diversifying your supply chain, as well as on making the most of other new export opportunities such as those presented by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). You can sign up for that one here.
On Thursday, meanwhile, members can look forward to the next Lunchtime Learning webinar, which will examine the EU’s Import Control System 2 (ICS2). With insights from Chartered Institute trade and customs consultant Matt Vick, it will offer detailed information on how upcoming changes to the system will affect those exporting to the bloc. Signing up for this session can be done here.
Trade conference
Jonathan Reynolds, the business and trade secretary, will be at Chatham House on Thursday for this year’s Global Trade Conference.
Reynolds will deliver the keynote speech, and is set to address a host of questions including the shape of the government’s ‘reset’ of trade relations.
The speech will also set out the “initiatives in place to ensure that the government can capture the benefits of technology and innovation” in order to boost UK growth, as well as the role of trade in foreign policy.
The event will also include sessions assessing the government’s trade strategy, as well as the importance of securing the country’s critical minerals supply chain.
The Chartered Institute will also be represented at another of this week's events, Anthropy25 conference at the Eden Project in Cornwall. The meeting will bring together 'change-makers' from across the UK for three days to discuss the challenges and opportunities faced by the country.
Chinese freight
A hearing will take place in Washington DC today and tomorrow on the potential effects of proposals by the US government to implement levies on any Chinese-made ships that dock in the country.
Charges of US$1–3m could be implemented in a bid to encourage shipping companies to move towards using US vessels, but some businesses have warned that the effects could be more damaging to global trade than Trump’s tariff programme.
The agriculture industry in the country is just one sector that could be affected, having been already hit by Chinese retaliation to US tariffs. The US coal industry could face a stop to its exports within 60 days, according to Reuters.
Other dates for the diary
Monday: US, Russian and Ukrainian representatives in talks in Saudi Arabia
Tuesday: First session of Bundestag since German election
Wednesday: US Congressional Budget Office publishes report on US debt
Thursday: Society of Motor Manufacturers and Traders car production figures published
Friday: Revised UK Q4 GDP estimate published
Saturday: Partial solar eclipse
Sunday: Mother’s Day (UK)
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