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Spring Statement 2019 overshadowed by Brexit

Article posted: 13th March 2019

In response to The Chancellor Philip Hammond’s Spring Statement, given in The House of Commons today at 12:30, Nick Paterno, Managing Partner at McBrides Chartered Accountants, commented:

“At a macro level, the economy is growing and borrowing targets are being met - so on the face of it one could say that despite the enormous political headwinds faced by the UK economy it is performing better than one might expect.

“The Chancellor’s Statement was obviously stymied by what happened in The Commons last night when the Prime Ministers Brexit deal was voted down: it restricted the Chancellor’s headroom for announcements.

“Other than further declared intentions to combat climate change, and the bringing forward of a £7m package for apprenticeships to this April, there was little to focus on.

“There will be a Written Ministerial Statement issued later today and it’s important for us to look at that in detail to check whether there are any tax measures that will affect business and individuals but, otherwise, the Spring Statement was completely overshadowed by Brexit, due in 16 days time.”

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