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The current level of economic uncertainty means there weren't many ground-breaking revelations in this year's Spring Statement, and as a result, there's little to discuss from a personal finance perspective. One of the key takeaways was that the growth forecast for the year has been cut (down from 1.6% to 1.2%, but it's set to recover thereafter), while Government borrowing has notably fallen. As for anything else you may need to know? Here's a quick summary of the relevant points:
There was talk of making new homes greener (including a pledge to see the end of fossil-fuel heating systems in all new houses from 2025), reviewing the National Living Wage and scrapping paper landing cards for some countries, alongside promises to tackle knife crime and period poverty in schools.
However, there were no spring rabbits out of the hat for pensioners, savers or taxpayers in general, so it looks as though we'll need to wait for the current uncertainty to end before we see any major policy changes. All we can say is that the tax allowance rises announced in the Autumn Budget in October last year are projected to go ahead, and are due to come into effect on 6 April 2019 – this will see the personal allowance rise to £12,500, and the higher-rate threshold increase to £50,000, which could have a welcome impact on household finances.
We'll keep you updated with anything else that comes to light.
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