Philip Hammond, the Chancellor of the Exchequer, delivered his Spring Statement 2019 to Parliament on 13 March. Set against continuing uncertainty over Brexit and just hours before MPs were due to vote on whether to exit the EU without a deal, Mr Hammond devoted much of his speech to the possible effects that leaving the European Union could have on the UK’s finances.
The Chancellor announced that the UK economy continues to grow, with wages increasing and unemployment at historic lows, providing a solid foundation on which to build Britain’s economic future.
With borrowing and debt both forecast to be lower in every year than at last year’s Budget, the Chancellor set out further investments in infrastructure, technology, housing, skills and clean growth, so that the UK can capitalise on the post-EU exit opportunities that lie ahead.
The Chancellor also confirmed that the government will hold a Spending Review which will conclude alongside the Budget. This will set departmental budgets, including three-year budgets for resource spending, if an EU exit deal is agreed. Ahead of that, the Chancellor announced extra funding to tackle serious violence and knife crime, with £100 million available to police forces in the worst affected areas in England and Wales.
Keeping your financial plans on track
In our ‘Guide to Spring Statement 2019’ we reveal the key announcements made by the Chancellor. If you would like to review what action you may need to take to keep you, your family and your business on track – or if you have any further questions – please contact us. We look forward to hearing from you.