Great Britain is currently in the midsts of making crucial decisions that impact the future of the nation. However, that does not stop from budgets, growth targets and fiscal announcements coming from the Treasury – with the Spring Statement 2019 being read out by chancellor Philip Hammond.
One thing to note with this spring statement is that there is little change from the Autumn 2018 budget. However, the chancellor did announce some things of interest for contractors & the self-employed. We have covered the main points of the statement below:
Spending review after Brexit
With Brexit fast approaching, the chancellor announced that before the Autumn Budget, that a full spending review would be completed. This is based on whether a “deal is agreed over the next few weeks and the uncertainty hanging over our economy is lifted”.
Money set aside in case of no-deal Brexit
There has been warning from economic experts about the potential rise of higher consumer prices for services and goods. With this, the Treasury has put aside £26.6bn, amid warnings that this rise could potentially weaken the economy.
Growth forecast down
Growth was originally forecast in the Autumn 2018 budget at 1.6%. With uncertainty looming over the UK economy, the chancellor has now revised this to 1.2%. Growth for 2021, 2022, & 2023 has now been forecast to 1.6%.
The borrowing anticipated by this current government has also been revised. An amount of £3bn has been cut from the initial Autumn 2018 budget. It’s also expected to fall in subsequent years.
First Brexit Budget
The budget in 2019 is expected to be the first budget the UK will have as a non-EU member since 1973.
Read our full report
Looking for more information about the Spring Statement 2019? Download our report.