UNW’s Spring Statement 2019 Summary
The Chancellor of the Exchequer presented his second Spring Statement to parliament on Wednesday, 13 March 2019.
Chancellor Philip Hammond made his second Spring Statement with the shadow of Brexit looming large over the economy, dropping heavy hints that he would prefer a soft Brexit. As he said, when he set the date some time ago, he hoped he would know by now the terms on which the UK would leave the EU on 29 March, only just over a fortnight away, but he does not (or if he does, he’s the only one in the country and he’s not telling!). Business organisations are clamouring for certainty, so far sadly lacking, and the impact on business investment and the wider economy is showing, with the 2019 growth forecast revised down (though tax receipts buoyant).
Given Brexit uncertainties and the Government’s lack of a reliable majority, there were few major announcements: Hammond gave an economic update and responded to the latest forecasts from the Office for Budget Responsibility, but did not deliver a Budget in all but name as some of his predecessors had – which is what he said the Spring Statement would be when he revised the Budget timetable in 2016.
There were some announcements on public spending, and of course there are many tax changes previously announced but only taking effect for 2019/20 or later.
A summary of the 2019 Spring Statement is now available via the link below. In this publication we concentrate on the tax consultations that were announced either at Spring Statement or are currently ongoing. We are also taking this opportunity to remind you of tax changes which take effect for 2019/20.
If you have any questions regarding the information covered in this summary, or would like advice on a particular area, please get in touch with either your usual contact or any of the UNW Tax partners. Contact details can be found on the final page of this summary PDF.
Updated tax rates for 2019/20
In preparation for the new tax year, a useful guide to the new tax rates and allowances for 2019/20 will be made available on our website on Thursday 28th March 2019.
Please email firstname.lastname@example.org if you would like to request a printed copy of this guide.
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