What were the Spring Statement highlights?

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Chancellor of the Exchequer Philip Hammond has delivered his 2019 Spring Statement. Despite the uncertainty surrounding Brexit, it contained mostly favourable projections in relation to the UK economy and the rate of employment.

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Good news for low-paid workers

It is good news for low-paid workers, with the national living wage set to increase from £7.83 per hour to £8.21. The national minimum wage rates are also set to increase; in fact, wages are rising faster than inflation and growing at their most rapid pace in over ten years.

There is positive news overall for the UK economy with growth predicted every year for the next five years. The unemployment rate is currently at four per cent, which is the lowest since 1975. There is more good news on the jobs front, as the government predicts that over 600,000 more people will be in employment by 2023.

Money will also be directed to knife crime concerns with a £100m injection into police forces in areas of England and Wales, while a spending review will be implemented that will include three-year budgets for spending in the event of a Brexit deal agreement.

Positive outlook on the financial front

Overall, it is a positive outlook with the possibility that people will enjoy more spending power. If you are seeking assistance with preparing your finances, accountants Cheltenham can take the pressure off you; for example, if you need an accountant in Cheltenham visit Randall and Payne for a friendly and professional service.

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Which? highlighted the announcement of more affordable housing and proposals to increase consumers’ power against tech giants.

Indeed, the plan to increase the number of homes by around 300,000 a year by the mid-2020s is in progress, making houses more affordable. The Affordable Homes Guarantee Scheme means that the government will promise up to £3bn of borrowing by housing associations throughout England to enable more affordable homes for families, couples and individuals to become a reality.

Other highlights include the government rapidly gearing up for a cleaner economy and providing more support for evolving technologies. While there is still nervousness around Brexit, the government has stated that it is to foster a more competitive UK market after Brexit, with travel changes for international passengers that will ultimately improve the flow across borders.

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