Spring Statement 2019 – What it means for you
Mon 01 Apr 2019
The Spring Statement is the first of the Treasury’s annual updates on the country’s economic health, and this year it has the added complication of coming just two weeks before the date the UK is scheduled to leave the European Union.
The Chancellor opened his statement by referring to the Brexit vote of the 12th March 2019, saying it “leaves a cloud of uncertainty hanging over our economy” but he insisted the economy is “remarkably robust”. He pledged £26.6 billion to boost the economy if the UK leaves the European Union with a deal but warned that a disorderly Brexit could deal a “significant” blow to UK economic activity over the short term.
Amongst the reports on public finances, growth forecasts and government borrowing the Chancellor announced the following plans and initiatives:
UK - Open for Business
- In a bid to improve the flow of passengers and the overall experience at the UK border, from 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 Eurostar terminals
- From June 2019, landing cards at UK airports will begin to be abolished to reduce bureaucracy and speed up the processing of passengers in arrival in the UK
- To ensure that new homes are better for the environment and to help keep consumer energy bills low, the government will introduce a Future Homes Standard by 2025. This will support the future proofing of new build homes with low carbon heating and world-leading levels of energy efficiency
- To help tackle period poverty, free sanitary products will be available in secondary schools and colleges in the next school year
Knife Crime Funding
- £100 million will be made available over the next year to Police forces in England and Wales to help tackle knife crime. This has been ring-fenced to pay for Police overtime and to fund new ‘Violent Crime Reduction Units’
- The Chancellor announced plans to launch a full three-year spending review this summer, assuming that the UK leaves the EU with a deal. This will set departmental budgets for resource spending on such things as social care with a focus on “high-growth economy with public services that work for everyone”
Type of article: News
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