5 Key Points from the Spring Statement
Chancellor Philip Hammond gave the first ever spring statement this Tuesday, which outlined key financial forecasts for the year ahead. Kuflink was delighted to learn that UK technology is being hailed as one of the most promising avenues for continued economic growth, with the Chancellor stating that “our best days lie ahead of us”. Key points from the Spring Statement included:
The Spotlight Was Firmly on FinTech
In his opening address, the Chancellor spoke about the UK’s ‘world-class’ technology, including apps such as TransferWise. This shows just how impressive our home-grown FinTech innovations are and sets a great tone for the future of Kuflink!
The UK is preparing for a digital economy
One of the Treasury’s most recent consultation papers suggested that, in light of the clear move towards a cash-light economy, we may soon say goodbye to 1p and 2p coins. There will also be research conducted to ensure that those who favour cash are not excluded by the fast-approaching digital economy.
Support was announced to help struggling businesses perform better
In an economy where small businesses face many challenges, the Chancellor announced a review to establish how those in difficulty can learn from their more productive counterparts. To further support business growth, the 2022 business rate review has been brought forward to 2021.
New housing initiatives announced
The last full budget announcement centred around how the government planned to deliver more affordable housing, and the Chancellor was pleased to announce three new housing initiatives in his speech. Projects for the year include investment in to the Housing Infrastructure Fund, and a further £1.67 billion made available to fund new homes in London.
2018 growth forecast raised to 1.5%
Overall economic growth forecasts have been increased from 1.4% to 1.5%, which Hammond described as ‘a light at the end of the tunnel’.
Kuflink are proud to be part of the UK’s technology boom! To find out how we combine our expert financial knowledge with cutting edge technology, sign up to our award-winning online investment platform today!