2019 Spring Statement Summary

Chancellor Philip Hammond delivered the 2019 Spring Statement yesterday, responding to the latest economic forecasts published by the Office for Budget Responsibility (OBR).

The OBR revised down its previous UK growth forecast from 1.6% to 1.2%. Borrowing has also been revised down from £25.5 billion to £22.8 billion as a result of rising wages and a 'strong employment market'.

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Mr Hammond outlined a handful of measures in the Spring Statement, such as the bringing forward of the £700 million reforms for business apprenticeships, and appointing an expert to review the latest international evidence on the impact of minimum wages, in order to inform future National Living Wage (NLW) policy after 2020.

The Chancellor also announced consultations and publications on possible future changes. These include restricting the Employment Allowance to businesses with an employer national insurance contributions (NICs) bill below £100,000, and reducing the capital gains tax (CGT) private residence relief on the final period exemption from 18 months to nine months.

For a detailed overview of the latest information, read our 2019 Spring Statement summary below.

Chancellor delivers Spring Statement amid 'cloud of uncertainty'

The Spring Statement 2019.

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Measures announced

A round-up of the announcements.

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Looking ahead

A summary of the key consultations.

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Income tax

The rates and allowances for 2019/20.

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Making Tax Digital (MTD)

New rules from 1 April 2019.

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Changes to Entrepreneurs' Relief

The new rules.

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Other key changes for 2019/20

A summary of the changes.

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Considering capital allowances

A round-up of the changes.

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What they said

Reaction to the Chancellor's statement.

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