Update on Chancellors Spring Statement 2019

The spring statement was presented by the chancellor of exchequer Philip Hammond on the 13^th March of 2019. The office for budget responsibility has forecasted growth for the UK even though we might end up with a no deal Brexit.

The highlights of the statements are as follows:

Brexit

• Brexit is almost here; a no deal Brexit might have some disruption however a deal Brexit will create many opportunities. Temporary financial assistance will help with any negative effects of a no deal Brexit but these will not be too many.
• A provisional no-deal Brexit tariff list was published on the 13^th of March 2019.

Other

• A 37bn fund has been created to support some regions and investments, this includes archer 2 a new supercomputing service at Birmingham University.
• Expanding the use of e-gates at Airports for certain non-EU countries.
• New quotas will be introduced for skilled workers.

Late Payments to Small Businesses

• There will be an introduction of new requirements for large companies to report on their payment terms

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