You are here: Home - Saving & Banking - News -

Top takeaways from the Spring Statement 2019

Written by:
Here's everything you need to know from chancellor Philip Hammond's Spring Statement...


The government said its “efforts to build a stronger, fairer economy are paying off”.

Since 2010, the UK economy has grown faster than France, Italy and Japan, Hammond said.

The Office for Budget Responsibility (OBR), which was created in 2010 to provide independent analysis of the UK’s public finances, forecasts economic growth every year for the next five years and inflation to stay close to or at the 2% target.

Jobs and wages

The OBR forecasts 600,000 new jobs will be created by 2023.

The unemployment rate is currently 4%, the lowest since 1975, and the OBR predicts it will remain near historic lows over the next five years.

Wages are increasing at their fastest pace in over a decade, and are forecast to continue growing faster than inflation, which means more money in people’s pockets.

The government has commissioned a review of the latest international evidence on minimum wages to inform future National Living Wage policy after 2020.


The competition watchdog, the Competition and Markets Authority (CMA), will carry out a study of the digital advertising market after an independent review found it is dominated by two players and suffers from a lack of transparency

The government announced £79m funding for a new supercomputer in Edinburgh – five times faster than existing capabilities – whose processing power will contribute to discoveries in medicine, climate science and aerospace, and build on previous British breakthroughs including targeted treatments for arthritis and HIV.


From June, citizens of the US, Canada, New Zealand, Australia, Japan, Singapore and South Korea will be permitted to use e-gates at UK airports and at Eurostar terminals. This will reduce queues and improve the flow of passengers and the overall experience at the UK border.

The UK will also begin to phase out landing cards from June 2019.

Period poverty

Free sanitary products will be available to girls in secondary schools in England from the next academic year to tackle so-called period poverty.

Knife crime

An extra £100m will go towards tackling serious violence and knife crime.

Housing & infrastructure

The government will guarantee up to £3bn of borrowing by housing associations in England to support delivery of around 30,000 affordable homes.

A further £717m from the £5.5bn Housing Infrastructure Fund will unlock up to 37,000 homes at sites including Old Oak Common in London, the Oxford-Cambridge Arc and Cheshire.


The government has called for evidence on how and where improvements can be made to ensure that insurance premium tax (IPT) operates fairly and efficiently.

Comparison site Comparethemarket says the government should scrap or cap IPT for younger drivers, adding this group already pays a substantial amount more in annual premiums compared to older drivers and has been disproportionately affected by the Treasury’s increases to the IPT rate, adding an average of £165 to their insurance costs.

The government is also looking at making it easier to amend tax returns.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week