The chancellor of the exchequor Philip Hammond presented his Spring Statement today. It is not another Budget, that is set for next Autumn. Here are the highlights.

The OBR forecasts continued growth in the UK economy despite the uncertainties of Brexit.

  • 96% of new jobs in 2018 were full-time, wage growth is 3%.
  • Inflation on target.
  • Borrowing is set to fall.
  • National debt is running at 82% for 2020

Brexit

'A brighter future is within our grasp"...(if MPs can just agree on Brexit...).

  • A no-deal Brexit will cause disruption to the economy. A deal-Brexit is expected to create a windfall.
  • Temporary fiscal and monetary intervention may assist some of the negaltive effects of a no-deal Brexit however not all.
  • A temporary no-deal Brexit tariff list was published today.

Other

  • A £37bn national productivity fund to provide selective funding for some regions and investment including on Archer 2 a new super computing service at Birmingham University.
  • Use of e-gates expanded to foreign nationals of certain non-EU countries.
  • New immigration quotas for skilled workers

Late payments to small business

  • New requirement for large companies to report their payment terms

 

Publications

No-deal Brexit Temporary Tariff Regime
Details of the UK’s temporary tariff regime for no deal

Unlocking digital competition, Report of the Digital Competition Panel 
An independent report on the state of competition in digital markets, with proposals to boost competition and innovation for the benefit of consumers and businesses

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