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Spring Statement 2019 What Should You Take Away from This Year’S Chancellor’S Announcement?

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Spring Statement 2019 What Should You Take Away from This Year’S Chancellor’S Announcement? GUIDE TO SPRING STATEMENT 2019 WHAT SHOULD YOU TAKE AWAY FROM THIS YEAR’S CHANCELLOR’S ANNOUNCEMENT? boosst, Church View, Hulcote MK17 8BW t: 01908 584925 e: hello@boosst.financial Authorised and Regulated by the Financial Conduct Authority. FCA No. 791683 Church View, Hulcote, Bedfordshire, MK17 8BW. Company Registration Number 05536508. SPRING STATEMENT 2019 SPRING STATEMENT 2019 The Chancellor announced the UK economy continues to grow, with wages increasing and unemployment Contents at historic lows, providing a solid 02 Welcome foundation on which to build Britain’s Spring Statement 2019 economic future. 04 Spring Statement 2019 Key announcements from the Chancellor at a glance 05 Deal dividend Brexit war chest to boost economy 05 Enterprise Investment Schemes Government to publish approved funds guidelines 06 Fixing the broken housing market Critical to unlocking productivity growth and 04 making properties more afordable 07 Building a stronger, fairer economy Infation expected to stay close to or on target for the duration of the forecast 07 New science and technologies economy Transforming the economy, creating highly skilled jobs and boosting living standards 08 UK open for business and international visitors Improving the fow of passengers and the overall 05 07 experience at the UK border 08 Public fnances reach a turning point Welcome Government’s fscal responsibility and the hard work Spring Budget 2019 09 Investment in energy efciency 10 and clean growth ’25 Year Environment Plan’ builds on Philip Hammond, the Chancellor of the Exchequer, delivered government commitment his Spring Statement 2019 to Parliament on 13 March. 10 Employers’ co-investment 08 rate cut by a half et against continuing uncertainty over Brexit and just hours set departmental budgets, including three-year budgets for resource Education and skills to succeed in before MPs were due to vote on whether to exit the EU without spending, if an EU exit deal is agreed. Ahead of that, the Chancellor the modern economy Sa deal, Mr Hammond devoted much of his speech to the announced extra funding to tackle serious violence and knife crime, Spring Statement 2019 possible efects that leaving the European Union could have on the with £100 million available to police forces in the worst afected areas 10 Financial services and markets post Brexit UK’s fnances. in England and Wales. t Update on the overall health of the economy New legislation outlining plans on how to The Chancellor announced that the UK economy continues to grow, maintain regulatory standards with wages increasing and unemployment at historic lows, providing a The Spring Statement is an opportunity for the Chancellor to provide an update solid foundation on which to build Britain’s economic future. Keeping your fnancial plans on track on the overall health of the economy and the Ofce for Budget Responsibility’s 10 Spending Review to conclude With borrowing and debt both forecast to be lower in every year (OBR) forecasts for growth and the public fnances. alongside the Budget In our ‘Guide to Spring Statement 2019’ we reveal the key than at last year’s Budget, the Chancellor set out further investments Renewed focus on the outcomes achieved announcements made by the Chancellor. If you would like to in infrastructure, technology, housing, skills and clean growth, so that It is also an opportunity to update on the progress made since Budget 2018, and for the money invested review what action you may need to take to keep you, your family the UK can capitalise on the post-EU exit opportunities that lie ahead. to launch consultations on possible future changes for the public and business and your business on track – or if you have any further questions – The Chancellor also confrmed that the government will hold a to comment on. The Spring Statement doesn’t include major tax or spending 11 Tackling violent crime please contact us. We look forward to hearing from you. Spending Review which will conclude alongside the Budget. This will changes – these are made once a year at the Budget. £100 million funding for police 02 SPRING STATEMENT 2019 SPRING STATEMENT 2019 03 SPRING STATEMENT 2019 SPRING STATEMENT 2019 Spring Statement 2019 Deal dividend Brexit war chest to boost economy Enterprise Key announcements from the Chancellor at a glance The Chancellor of the ExcheQuer, Philip Hammond, has Investment hilip Hammond, the Chancellor of the n £15.4bn headroom in the public fnances Productivity promised more spending if a no-deal Brexit is avoided and ExcheQuer, described the economy as that could be used in a no-deal Brexit n Capital budgets set to protect ‘record pledged to spend a £26.6bn Brexit war chest to boost the Schemes P‘remarkably robust’ and added that it has increased to £26.6bn levels’ of spending, while ensuring this will ‘defed expectations’, pointing to improvements n No-deal Brexit would cause the economy boost productivity economy if MPs vote to leave the European Union with a deal. in government fnances, wage growth and to be smaller and weaker in future, leading n Government aims to ‘slay once and for all This is almost double the £15.4 billion estimated by the Ofce Government to ‘on target’ infation levels. These are the key to higher prices for consumers the twin demons of low productivity and takeaways from Spring Statement 2019. n No-deal Brexit would mean a ‘short to low wages and build an economy that for Budget Responsibility (OBR) in October. publish approved medium-term reduction in the productive works for everyone’ Growth capacity of the economy’ funds guidelines n Forecast of 1.2% growth for 2019 n Tax and spending responses and Bank of Technology n Then 1.4% in 2020, 1.6% in 2021, 2022 England policy changes could only ever be n Investment packages for laser technology In his Spring Statement, Philip Hammond, and 2023 temporary to handle a no-deal Brexit, to and nuclear research the Chancellor of the Exchequer, n In October, growth was forecast at 1.6% for avoid higher levels of infation n Funding for a new supercomputer at announced the government is set to 2019, 1.4% for 2020, 1.4% in 2021, 1.5% in Edinburgh University review what funds will be allowed in 2022 and 1.6% in 2023 Spending Review Enterprise Investment Schemes (EIS). n Treasury will conduct a full spending Technology Companies The government says it will publish Borrowing review before the summer recess, to be n Government will make technology approved funds guidelines for comment n Forecast for borrowing to be £3bn lower in concluded before the Autumn Budget companies ‘pay their fair share’ and protect on what investments should be allowed 2018/19 than forecast at the Autumn Budget n There will be a ‘deal dividend’ from lifting consumers from online harm in the scheme designed to channel n Borrowing forecast to be £29.3bn in business uncertainty, encouraging frms to n ‘This government will lead the world in money to start-up companies, alongside 2019/20, then £21.2bn in 2020/21, invest. Government able to spend some of the delivering a digital economy that works draft legislation. £17.6bn in 2021/22, £14.4bn in 2022/23 money left in reserve for a no-deal scenario for everyone’ It is also set to review why another tax and £13.5bn in 2023/24 relief scheme to support charities and n In October, borrowing was forecast to Global Britain Environment social enterprise has not found expected be £25.5bn in 2018/19, then £31.8bn in n From June the government will begin to n ‘Future homes standard’ announced to he Chancellor used his Spring OBR cut its 2019 growth forecast to 1.2%, popularity with investors. 2019/20, £26.7bn in 2020/21, £23.8bn in abolish the need for paper landing cards at mandate the end of fossil-fuel heating Statement to warn that a disorderly the weakest growth rate since 2009. The Social Investment Tax Relief (SITR) 2021/22, £20.8bn in 2022/23 and £19.8bn UK points of entry, including airports and systems in all new houses from 2025 TBrexit would deal a ‘signifcant’ blow to That is a signifcant cut from the 1.6% scheme was launched in 2014, and is one in 2023/24 Eurostar terminals, for countries including the n Comprehensive review of the link economic activity in the short term. expansion predicted by the government’s of the four tax-efcient vehicles alongside US, Australia, Canada, South Korea and Japan between biodiversity and the economy Mr Hammond warned that the country’s economic watchdog last October. After that, EIS which seek to support small and Debt n PhD level roles will be completely exempt by Professor Partha Dasgupta from economic progress will be at risk in a no-deal growth is expected to rebound. medium and social enterprises, with others n Debt is forecast to be 82.2% as a share of from visa caps Cambridge University Brexit and said he was ‘confdent’ that the Mr Hammond said the economy had being the Seed Enterprise Investment GDP in 2019/20 n Additional £100m to be made available Commons will agree a smooth and orderly ‘defed expectations’ as wages were Scheme and Venture Capital Trusts. n Debt as a share of GDP is forecast to fall to Housing immediately over the course of the next EU withdrawal ‘over the coming weeks’. expected to keep growing at rates of above The government will now review the 79% in 2020/21, 74.9% in 2021/22, 74% in n £3bn in funding announced to help deliver year, ring-fenced to pay for extra police Mr Hammond told MPs: ‘A no-deal Brexit 3% over the next fve years.
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