Chancellor Spring Statement 2019 Summary

Update on Chancellors Spring Statement 2019

The spring statement was presented by the chancellor of exchequer Philip Hammond on the 13th March of 2019. The office for budget responsibility has forecasted growth for the UK even though we might end up with a no deal Brexit.

The highlights of the statements are as follows:

Brexit

• Brexit is almost here; a no deal Brexit might have some disruption however a deal Brexit will create many opportunities. Temporary financial assistance will help with any negative effects of a no deal Brexit but these will not be too many.
• A provisional no-deal Brexit tariff list was published on the 13th of March 2019.

Other

• A 37bn fund has been created to support some regions and investments, this includes archer 2 a new supercomputing service at Birmingham University.
• Expanding the use of e-gates at Airports for certain non-EU countries.
• New quotas will be introduced for skilled workers.

Late Payments to Small Businesses

• There will be an introduction of new requirements for large companies to report on their payment terms

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