The 2019 Spring Statement was released yesterday, but what does it mean and how are funds going to be spent?
To put it simply, the Spring Statement is when the Chancellor updates the overall health of the economy, forecasting growth and deciding where money should be spent. We’re borrowing £3bn less than predicted, but how are funds going to be split? Here are some key points to note:
The Chancellor has pledged to spend nearly £30bn to boost the economy if MPs vote to leave the EU with a deal in place, despite Brexit causing a predicted fall on our economic activity. The Chancellor has however said that this all depends on a ‘smooth’ Brexit. With MPs deciding to vote against the possibility of exiting the EU without a deal, we’re not too sure it is going to be as smooth as once thought.
The UK has seen a concerning increase in knife crime throughout the beginning of 2019, especially amongst teens, prompting the Chancellor to distribute £100m to the police across the country.
One in 10 girls in the UK cannot afford sanitary products and miss days off school as a result (statistic from Plan International). To put a stop to this, secondary schools will now provide free sanitary products to girls – a fantastic step forward.
It has also been highlighted in the media that there was no mention of any changes being made to universal credit, despite its well reported failings.