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What does the Spring Statement mean for you?

  • 13/03/2018
  • Author:Liam.Evans@turn2us.org.uk

The Chancellor’s key points at a glance

House of Commons

The Chancellor of the Exchequer has revealed projections for growth, inflation, debt and borrowing in the Spring Statement delivered on Tuesday 13 March 2018.

But what does the Spring Statement mean for you? In short, more of the same.

Here are some of the key points:

The economy

Growth is forecast to be between 1.3% and 1.5% for every year between 2019 and 2022.

Borrowing is expected to be slightly less than initially anticipated.

Debt is expected to fall as a share of gross domestic product (GDP) by 2020, however debt in cash value is still growing.

Education

Money has been provided to help roll out T-levels. T-levels are new technical qualifications for vocational training such as construction or hairdressing.

Support will be made available for small businesses engaging apprenticeships.

Business rates will be revaluated in 2021.

Housing

Announcements were made about housing focused on a plan to build 215,000 new homes in the West Midlands by 2031.

Additionally, London should build 27,000 more affordable homes by 2022.

Future consultations

Before future policies are announced, the Government has said it will look into a number of key areas first:

There will be a detailed spending review conducted in 2019.

A new tax may be introduced on single use plastic.

The Government will be looking into the future of cash payments and our switch to digital technologies.

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