Twice a year the Chancellor gives two updates regarding the country's finances. In previous years the main update, the Budget, was in Spring and a smaller update was given in the Autumn.
However in 2016 the Chancellor announced a change and the updates are now the other way around, with the main update, the Budget, being in Autumn and the smaller update, the Spring Statement, being in the Spring.
Below is a bullet point summary of the key points from the Spring Statement 2019.
- UK growth forecasts revised down to 1.2% this year - 1.4% in 2021 and 1.6% in final 3 years
- By 2023 OBR expect to see 600,000 more jobs in economy
- The Office for Budget Responsibility revised wage growth upwards to 3% or higher every year
- Public borrowing will be £3bn less than forecast
- Public debt will fall to 73% of GDP by 2023/24
- Announced a review of low pay in Britain
Science & Technology
- PhD level roles exempt from visa caps from the autumn
- £79 million earmarked for Archer 2, a new super computer to be held at Edinburgh university
- £45million to the European Bioinformatics Institute for research in genomics
- £81m to develop a new type of laser at an Extreme Photonics Centre in Oxfordshire
- A review of digital advertising regulations and rules will take place to protect consumers
- Plans to help small businesses cut carbo energy
- Increase proportion of green gas within the gas grid
- New future homes standards will be introduced, with the aim to mandate the end of fossil fuel heating systems - resulting in lower carbon and fuel bills
- 445,000 square km of ocean around Ascension Island will become a Marine protected area
- Will review biodiversity and growth and ensure growth doesn't have a negative impact on the environment
- £44bn for a 5 year housing programme
- A £3billion 'affordable homes guarantee' scheme aimed to deliver 30,000 homes of which £717 million from housing infrastructure funds to unlock up to 37,000 homes in West London, Chesire, Didcot and Cambridge
- Period Poverty - introduction of free sanitary products in secondary schools in next school year
- £100million of funding will be available to police over the next year with the aim to tackle knife crime