On the day briefing: spring statement 2019
The Chancellor delivered his Spring Statement against a back drop of political uncertainty, following the second defeat in Parliament for the Prime Minister’s Brexit deal. Alongside an update on the overall health of the economy, the Chancellor delivered a warning that leaving the European Union without a deal will result in short- and long-term economic damage and made it clear that the forecasts and spending promises made today were dependent on securing a deal. He confirmed a Spending Review would start in the summer and conclude at the autumn Budget, with the prospect of a “deal dividend” which would come from increased business confidence and a fiscal boost, as less money will need to be set aside for the consequences of no deal.
Whilst maintaining the precedent set in 2016 for having only one fiscal event a year, the Chancellor took the opportunity to announce a few policies. These include an immediate ring fenced increase of £100m for the police in England to pay for additional overtime targeted specifically on knife crime and for new violent reduction units to deliver a wider cross-agency response. He also confirmed a consultation (now published) on the Government’s approach to replacing PFI with new forms of private investment in public infrastructure.
This briefing outlines the economic headlines and NHS Providers’ response for members’ information.Download