This year’s Spring Statement hasn’t exactly been an exciting affair – thank God for that. The Chancellor has kept his promise to avoid making the Spring Statement a “2nd Budget” and provided a relatively subdued set of announcements and changes, with few stand-out events or comments.
There isn’t really much to take away from the Spring Statement this year, but some of the few more major announcements are:
- £100m pledged to help fight the knife crime problem that has become epidemic in recent months.
- A £3bn initiative to build 30,000 new affordable homes
- From 2025, any new homes built would be banned from having fossil-fuel heating.
The most relevant announcement to SMEs was the bringing forward of apprenticeship reforms announced in the Budget. The package, worth around £700m, is a welcome boon to small businesses.
The Spring Statement may have not been interesting, but with the situation with the EU ever-changing, and the economic impact uncertain, we could still be in for sweeping changes in the next few months.