The Chancellor’s Spring Statement 2019 | Some Highlights

Posted on 13th Mar 2019 - Share this blog/article

BREXIT

Leaving the EU without a deal would deliver a significant short-to-medium term hit to the UK economy, the chancellor warns.

Hammond says everyone in house needs to put aside differences and find a compromise – leaving without deal not what people voted for.

BORDERLANDS

Chancellor confirms UK Govt £260 million contribution to Borderlands deal.

R&D

PhD level roles will be eradicated from visa caps to stimulate research and development in the UK to show support to Science and research studies.

ADVERTISING

Digital platforms pleased a review of global technology giants will be implemented, to ensure they pay in the UK.

The markets authority have been asked to undertake a study of the digital advertising market.

HOUSING

£3bn “affordable homes guarantee” scheme.

Fresh standards will be introduced for new housing, to push the end of fossil fuel heating by 2025.

£717m from the Housing Infrastructure Fund to unlock up to 37,000 new homes on sites in West London, Didcot, Cambridge and Cheshire.

SCHOOLS

Chancellor Hammond has confirmed that he is taking action on period poverty.

The Treasury will fund the provision of free sanitary products in schools from the next school year.

CRIME

£100 million will be invested to tackle the surge in knife crime. The chancellor says the government will make available immediately to police forces in England an additional £100m over the course of the next year.

GROWTH AND THE ECONOMY

The National Minimum Wage will be reviewed, with the ultimate objective of ending low pay in the UK and giving “sustainable pay rises for millions of British workers”.

The 2018-19 deficit will be 1.1pc of GDP, £3bn lower than forecast at the Autumn Budget. The Chancellor said the government was on track to meet its fiscal target early.

Mr Hammond called the economy “remarkably robust”. He said the UK would create another 600,00 new jobs by 2023.

In terms of growth forecasts, growth in 2019 has been cut to 1.2% from 1.6% in the last budget.

However, growth in 2021 and 2022 has been revised up.

New forecasts:

2019: 1.2% compared to 1.6% in last October’s budget

2020: 1.4% compared with 1.4%

2021: 1.6% compared with 1.4%

2022: 1.6% compared with 1.5%

2023: 1.6% compared with 1.6%

A comprehensive PDF report on the Spring Budget will be available from Thursday 14th March. If you would like a copy, please email mario.christodoulou@sgllp.co.uk 

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