Spring Forecast Statement is the second announcement of the UK budget made by the Treasury Chancellor, which is normally made in March, a month before the beginning of the new financial year (which occurs on April 5). It is also known among economists as the "mini-Budget".
The statement reflects incomes and spendings of all departments, ministries, services and state programs. The initial budget statement is announced in the autumn, enabling the receipt of major tax revenues before the beginning of the financial year (which occurs on April 5th).
The document is developed by the Treasury. Budget revenues are mainly formed of taxes and customs duties, and public sector expenditures represent the amount of funds needed to finance the activities of ministries and departments, in accordance with the approved state policy.
Planned public sector expenditures are approved in the Parliament by voting. Budget decisions usually correlate with initial applications. Before the budget is adopted, departments send their applications for funding to the Treasury. The spring Budget forecast usually contains amendments to the autumn version.
The spring Budget forecast is announced by the Chancellor of the Treasury. This event is traditionally monitored by economists and analysts, but rarely causes volatility in the British pound quotes.