Spring Statement 2019

As always, we’re here to keep you up to date with any legislative changes which could affect the self-employed. Though this year’s Spring Budget announced only a few key points of interest, we’ve laid them all out for you below.

Brexit

With Brexit looming, there was little of significance in terms of changes to the Autumn Budget 2018. The Chancellor did announce that a full spending review would be completed and concluded before the autumn budget.

With the Brexit issue as yet unresolved, the proposed spending review is assuming the “deal is agreed over the next few weeks and the uncertainty hanging over our economy is lifted”.

Finance

The public finances set aside for a no-deal Brexit have been increased to £26.6bn, amid warnings that this would weaken the economy and lead to higher prices for consumers. 

In terms of growth, this was originally forecast to be 1.6% in 2019 at the Autumn Budget, but has now been revised to 1.2%. Growth for 2021, 2022 and 2023 has been re-forecast to be 1.6% each year.

The forecast for borrowing in 2018-19 has also been revised and has been reduced by £3bn from the initial forecast in the Autumn Budget.  It is also now expected to be lower in all subsequent years to 2023-24.

The Government announced that they plan to do more to tackle the issue of late payments to small businesses.

Find out more

For an in-depth look at the 2019 Spring Statement, download our guide here.

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