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The Chancellor of the Exchequer has delivered the Spring Statement 2019.The following are the announcements relevant to landlords.There is a cloud of uncertainty over the economy and it is the Government's job to ensure this is lifted.The economy is "remarkably robust" and set for continued growth.The public finances continue to improve.The OBR expects growth to continue over the next five years.The OBR predicts 600K new jobs in the economy in the next five years.Wage growth has been up-graded to 3% per year over the next give years."A solid foundation on which to build Britain's future".Public borrowing is in decline. Fiscal targets are being met ahead of schedule.On borrowing, the 2018-19 deficit will be 1.1% of GDP, Hammond says, down from the 1.2% expected in the October budget.Borrowing will be £3bn lower than the Autumn Budget had forecast."National debt falling sustainably for the first time in a generation" said the Chancellor.The NHS is first in line for new funding - £34bn cash injection.There are plans in place to to protect the economy in the event of a "No Deal" Brexit. Philip Hammond’s Brexit War Chest has grown to £26.6bn, up from around £15bn, thanks to the lower borrowing forecast by the OBR.A "No Deal" Brexit would lead to a smaller, less prosperous economy in the short to mid-term."We will always be the party of business!". Jeering from the house!We are investing in infrastructure - roads, rails, and housing - and this is benefiting the whole of the UK.Up to £260m will be made available for new investment in border regions.Hammond says he wants Britain to embrace the technology of the future, so it can “slay the twin demons of low productivity and low wages”.
The upcoming spending review will focus spending on raising productivity, he adds.As we leave the EU, free movement of people will end, and we will take back control of our borders.We will be seeking to attract the right people to our country who can provide the skills we need.Citizens of the USA, and other countries, can start using e-gates at airports.
£79m in ARCHER2, a new supercomputer to be hosted at Edinburgh University£45m to the European Bioinformatics Institute for genomics research £81m in a new Extreme Photonics Centre in Oxfordshire to develop new types of laserCMA to undertake a review of the digital advertising market, as this must work in consumers' interests and protect them from financial loss and harm.HousingLast year 220K homes were delivered, the highest number in 31 years bar one.A new £3bn Affordable Homes Guarantee scheme, to support delivery of around 30,000 affordable homes…And £717m from the Housing Infrastructure Fund to unlock up to 37,000 new homes on sites in West London, Cheshire, Didcot, and Cambridge.From 2025, fossil fuel heating will be banned from all new homes.New housing cannot be at the cost of bio-diversity. A review to be launched to look at the link between bio-diversity and economic growth.Payment practices by small businesses to be reviewed in their annual accounts. This is to deal with the scourge of late payments, that damage small businesses."Our economy is fundamentally robust, but uncertainty hangs over it. It is damaging our economy and also our standing and reputation in the world.""We have huge opportunities ahead of us. Our capital is a financial centre. We are investing in our future"."We are the fifth largest economy in the world. There is no limit to our ambition and no boundaries to what we can achieve".
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**