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.

Subscribe to our newsletter

Enter your email address to receive the AFH Wealth Management newsletter.

By subscribing you agree to the AFH Group privacy policy.


Find all the latest industry news, all written by our in-house industry experts.

Dealing with volatility

Bumpy rides in the stock market are nothing new, but they can be hard for investors to deal with. In the last few weeks, we’ve seen more stock market volatility, with energy prices and supply chain fears weighing on prices.

Read now

What might we expect from Rishis Budget

As the Conservative Party sets out its stall this week at the conference, many eyes will be on Rishi Sunak for clues as to how he will change our personal finances with his Budget on October 27.

Read now

How to plan to give the legacy you want

Many of us hope to give money to our loved ones when we die, but rules around inheritance tax can mean that we end up giving a lot of it to the taxman.

Read now

Five lessons for us all as China bans crypto

If you’ve bought into Bitcoin, Ethereum or other cryptocurrencies, chances are that you have already heard about the seismic shock that reverberated through the market last week.

Read now

Find out how we can help you:


Book a consultation


Our offices