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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