Spring Statement 2019: What does it mean for you? All the key points
CHANCELLOR Philip Hammond delivered his 2019 Spring Statement, just two weeks before the UK is set to leave the EU. So what does it all mean?
Spring Statement: Hammond hails the British economy as 'robust'
You’d be forgiven for missing the Spring Statement today - with everything going on with Brexit, it hasn’t been at the top of many people’s agendas. But with the UK set to go through a major economic overhaul if Brexit goes through as planned on March 29, it’s an important one nonetheless. Read on for a break down of everything that came out of the statement.
General consensus on the Spring Statement was that is was a fairly mild one, intended to do as little as possible to make things even more difficult for the government.
John Ellmore, director of KnowYourMoney.co.uk, said: “Under the shadow of Brexit and last night’s second defeat for the PM, Hammond’s task of delivering today’s Spring Statement was unenviable.
“And in truth, the speech was predictably light on substance, which is a shame for people who are trying to manage their financial plans.”
READ MORE: How did your MP vote on the Brexit deal?
So what did he announce?
Brexit
Mr Hammond wanted that the UK economy is at risk without a “smooth and orderly” Brexit.
Economic growth
The Chancellor downgraded the Office for Budget Responsibility (OBR) forecasts for 2019.
But he called the economy “remarkably robust”.
Jobs
Philip Hammond said the UK was on track to create 600,000 new jobs by 2023.
National Minimum Wage
Mr Hammond announced the National Minimum Wage will rise to £8.21 from April.
He said the objective remains to end low pay in the UK and deliver “sustainable pay rises for millions of British workers”.
Borrowing
The Chancellor said the Government was on track to meet its fiscal target early.
He said the 2018-2019 deficit would be £3billion lower than forecast at the Autumn Budget.
Spending
Mr Hammond said he will launch a full, three-year spending review before the summer break if a Brexit deal is agreed.
He said the “squeeze on public spending” is coming to an end.
Housing
The Chancellor announced a new £3billion affordable homes guarantee scheme to support the delivery of around 30,000 affordable homes.
The Government will also put an extra £717million into the housing infrastructure fund for up to 37,000 new homes on sites in West London, Cheshire, Didcot, and Cambridge.
Crime
A crucial topic at the moment: Mr Hammond announced £100million of extra funding to tackle knife crime.
Period poverty
The Government will fund the provision of free sanitary products in secondary schools and colleges in England from the next school year.
Environment
Mr Hammond said a new homes standard will be introduced to mandate the end of fossil fuel heating systems in new houses by 2025.
Infrastructure
The Government will open a consultation on how to replace private finance initiative contracts.
It will also invest £60million in 10 cities across England to help with bus station upgrades, new cycle lanes and road improvements.
Digital market
Mr Hammond has asked the Competition and Markets Authority to look into the digital advertising market as soon as possible.
He also warned that the tech giants, such as Facebook and Google, will "pay their fair share".