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Spring Statement 2019: Three-year spending review planned before summer

Chancellor Phillip Hammond has confirmed the Government will hold a  spending review of departmental funding before summer.

In today’s Spring Statement, the Chancellor said a full detailed spending review is expected later this year.

Plans for the review will begin in summer if a Brexit deal is agreed.

Hammond said: “I intend to launch a full three-year spending review before the summer recess, to be concluded alongside an Autumn Budget.”

It will be the first review since 2015 and is set to be focused on spending on raising productivity.

The review will allocate funding to departments for the 2020/21, 2021/22 and 2022/23 financial years.

This will set departmental budgets, including three-year budgets for resource spending.

The government said the spending review will also have a renewed focus on the “outcomes achieved for the money invested” – supporting a high-growth economy with public services.

Hammond says the review will also “reflect the public’s priorities between areas like social care, local government, schools, police, defence and the environment.”

Hammond said: “At this year’s Budget, I will set an overall path for public spending for 2020 and beyond. That is how responsible people budget. First you work out what you can afford and then you decide what your priorities are.

“The plan is higher wages, lower taxes, debt going down and a stronger Britain than ever before.”



FOS compensation hike branded ‘shocking’ as PI bills expected to soar 

Former pensions minister Steve Webb has branded the FCA’s decision to hike the Financial Ombudsman Service compensation limit as “shocking” and “counter-productive”. In a policy statement published today the watchdog confirmed it will increase the compensation limit from the current £150,000 to £350,000 from 1 April. The document’s passages on professional indemnity insurance shed light […]


FCA confirms FOS compensation limit hike

The Financial Ombudsman Service compensation limit will increase from the current £150,000 to £350,000 from 1 April, it has been confirmed today. In a policy statement, the FCA says the development will allow the ombudsman to require financial services firms to pay significantly more compensation to consumers and businesses. From 1 April, the current £150,000 […]

Sustainability Q&A

Following his latest webinar ‘Has sustainability been Trumped’ Mike Fox answers questions in relation to how Trump’s environmentally unfriendly policies might affect sustainable investment strategies. Read the article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back […]


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