Learn how measures outlined in the Chancellor’s Spring Budget announcement could affect your business and what it could mean for your business.
1. The economic forecast
Growth in the UK economy picked up through 2016. Employment has reached a record high of 31.8 million people.
The Office for Budget Responsibility (OBR) now forecasts that the UK economy will grow by 2% in 2017. The OBR also forecast that the economy will grow at a slightly slower rate in 2018, before picking up to 2% in 2021.
2. Cutting borrowing and stabilising the public finances
Britain has a debt of nearly £1.7 trillion – around £62,000 for every household in the country.
In 2009-10 the UK borrowed £1 in every £5 that was spent. This year it is set to be £1 in every £15.
Borrowing is forecast to be reduced by nearly three quarters by 2016-17.
3. £2 billion for adult social care over the next three years
The Spring Budget will help councils to provide high quality social care to more people and help to ease pressure on the NHS.
4. £425 million investment in the NHS in the next three years
£325 million will be invested in a first set of the best local Sustainability and Transformation Plans (STPs).
STPs are the NHS’s plans for improving patient services in local regions, developed collaboratively by NHS service leaders and their local partners.
£100 million will go to A&E departments in 2017-18, to help them manage demand ahead of next winter, and help patients get to primary care faster. For example, it will provide more on-site GP facilities and more space in A&E units for assessment of patients when they arrive.
5. Investment in technical education for 16 to 19 year olds rising to over £500 million
New T-levels for 16 to 19 year old technical students will be introduced from autumn 2019 in the Spring Budget. Students will be able to choose from 15 different routes such as construction, digital or agriculture.
The number of hours of training for these students will increase by over 50%. As part of the course, all students will take part in an industry work placement.
The government will also provide maintenance loans for students doing higher-level technical courses at National Colleges and Institutes of Technology – like those available to university students.
6. £300 million investment for new academic research placements
£90 million will provide 1,000 new PhD places, including in science, technology, engineering and maths.
£210 million will create new fellowships, including programmes to attract top global talent to conduct research in areas such as bioscience and biotechnology, quantum technologies, and satellite and space technology.
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