«Breaking News» SPRING STATEMENT AT A GLANCE: The key points of the Chancellor's economic update

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As Chancellor of the Exchequer Philip Hammond delivers his Spring Statement on the financial status of the country there is sure to be a lot of padding around the news. 

Here we cut through the noise to pick out the key points as he addresses the House of Commons, and the nation.  

Chancellor of the Exchequer Philip Hammond delivers the Spring Statement today

Economic growth, jobs and the public finances

• The Office for Budget Responsibility forecasts GDP growth of 1.2 per cent this year, then 1.4 per cent in 2020 and 1.6 per cent for each of the following three years.


• The OBR expects 600,000 new jobs to be created by 2023, with wage growth at 3 per cent or higher in each year of this period.


• Borrowing this year will be 1.1 per cent of GDP - £3 billion lower than forecast at the Autumn Budget. 


• The total borrowed will be £29.3bn in 2019/20, then £21.2bn, £17.6bn and £14.4bn in the following years to reach £13.5bn in 2023/24 - the lowest in 22 years. 


• The Government remains on track to meet both its fiscal targets early, with the cyclically adjusted deficit at 1.3 per cent next year and falling to 0.5 per cent  by 2023/24. 


• The 'headroom' against the fiscal mandate increased from £15.4 billion at the time of the Budget in October to £26.6 billion today.


• Debt is forecast to be lower in every year than predicted at the Budget, falling to 82.2 per cent of GDP next year, then 79 per cent, 74.9 per cent and 74 per cent in the following years and 73 per cent in 2023/24. 


• Hammond reiterated a warning that the country's economic progress will be at risk in a no-deal Brexit, and said he is 'confident' that the Commons will agree a orderly EU withdrawal over the coming weeks. 


• A £700 million package of reforms to help small businesses take on more apprentices announced in the autumn Budget, is to be brought forward to the start of the new financial year in April.

  

Investment in the regions      

• The Chancellor announced up to £260 million for the Borderlands Growth deal covering the border regions of England and Scotland and said negotiations are progressing on future deals for mid-Wales and Derry/Londonderry.    

   

Travel and immigration 

• From June, the UK will begin to abolish the requirement for paper landing cards at points of entry to the country and will allow citizens of the USA, Australia, New Zealand, Canada, Japan, Singapore and South Korea to use e-gates at airports and Eurostar terminals.

 

 Technology sector

• Funding of £79 million allocated to the ARCHER2 supercomputer at Edinburgh University, £45 million for genomics research at the European Bioinformatics Institute and £81 million for a new Extreme Photonics Centre in Oxfordshire, along with a guarantee of UK funding for the JET nuclear fusion reactor, whatever happens with Brexit.


• Hammond said a report by Professor Jason Furman, Barack Obama's former Chief Economist, sets out recommendations to overhaul competition regulation in the digital industry, and the Competition and Markets Authority is to undertake a study of the digital advertising market.

Housing 

• A new £3 billion Affordable Homes Guarantee scheme to support delivery of 30,000 affordable homes has been planned 


• A further £717 million from the Housing Infrastructure Fund will be used for to 37,000 new homes on sites in West London, Cheshire, Didcot and Cambridge.

 

 The environment and climate change

• New measures to move to a carbon-neutral economy were announced


• These include a study into carbon offsets for air travellers; help for small businesses to cut emissions; proposals to increase the proportion of 'green gas' in the grid; and a Future Homes Standard to mandate the end of fossil-fuel heating in new homes by 2025.


• 445,000 square kilometres of ocean around Ascension Island are to be declared a Marine Protected Area. 

 

 

 

 

Link hienalouca.com

https://hienalouca.com/2019/03/13/spring-statement-at-a-glance-the-key-points-of-the-chancellors-economic-update/
Main photo article REFRESH THE PAGE FOR THE LATEST UPDATES     
As Chancellor of the Exchequer Philip Hammond delivers his Spring Statement on the financial status of the country there is sure to be a lot of padding around the news. 
Here we cut through the noise to pick out the key points as he addresses the House...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves Online news HienaLouca





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