Although the Spring Statement is not intended to be a major fiscal event like the Budget, the Chancellor did announce some new measures. These included:
In the Autumn Budget it was announced that the co-investment rate will be halved from 10% to 5%, and the amount employers can transfer to their supply chains would increase to 25%. These changes will now take effect from April 2019.
Local Full Fibre Networks: Wave 3 allocations
Since the Autumn Budget, nine local areas have successfully bid for a share of £53 million of funding from the third wave of the Local Full Fibre Networks challenge fund, enabling next-generation full fibre connections to key public buildings, and nearby homes and businesses. The successful areas are Colchester, Isle of Wight, Norfolk, North Wales, Northern Ireland, Rutland, the Shetland Islands, South Essex and Stoke-on-Trent.
Borderlands Growth Deal
In addition to the £102 million announced recently for the Carlisle Southern Link Road from the Housing Infrastructure Fund, up to £260 million has been made available for investment into the Borderlands area.
National Living Wage
The government has appointed Professor Arindrajit Dube to undertake a review of the latest international evidence on the impact of minimum wages, to inform future National Living Wage policy after 2020.