Spring Statement 2019: snapshot of key points

The Chancellor, Philip Hammond, presented the Spring Statement 2019 earlier today. Read on to find out what he said.

Although major tax and spending changes will now be announced once a year at the Budget in Autumn, Hammond’s Spring Statement provided an update on the progress made since the Autumn Budget 2018.

Spring Statement 2019 key points at a glance:

  • UK economy growing at slowest pace since the 2009 financial crisis – the Office for Budget Responsibility cut its 2019 growth forecast from 1.6% to 1.2%, although economic weakness is thought to be temporary.
  • Borrowing to be £3 billion less than previously forecasted in the Autumn budget, sitting at £22.8 billion.
  • Unemployment rate of 4% is the lowest rate since 1975. Since 2010, 3.5 million more people in work, set to increase by another 600,000 by 2023.
  • Wages increasing at their fastest pace in over a decade, and are forecast to continue growing faster than inflation.
  • £3 billion pledged to support delivery of around 30,000 affordable homes through the Affordable Homes Guarantee Scheme.
  • Starting in June 2019, citizens of the US, Canada, New Zealand, Australia, Japan, Singapore and South Korea will be permitted to use e-gates at UK airports and at Eurostar terminals.

Read a detailed summary of everything covered in the Spring Statement 2019 here.

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