GDP growth has been cut significantly, to just 1.2% for 2019 before rising to 1.4% and then 1.6% for the next three years
Aim is to create another 600,000 new jobs by 2023
Debt to fall to 82.2% of GDP next year, then 79%, 74.9%, 74%, and finally 73% in 2023-24
Wage are forecast to continue growing faster than inflation
It is worth noting that all the forecasts are based on the assumption that the UK leaves the EU with a deal (ie., goes into a transition period during which the status-quo with the EU remains). If UK crashes out, then all forecasts are off.
Tourism Related Issues
Of particular importance to the tourism industry in the context of the Tourism Industry Deal, the Government confirmed that the Comprehensive Spending Review will start before the summer recess with the outcome in Departmental budgets announced alongside the Autumn Budget
Employment and Skills
The UK Government has appointed Professor Arindajit Dube to undertake a review of the latest international evidence on minimum wages, to inform future National Living Wage policy after 2020
From this Autumn, PhD-level occupations will be exempt from the cap on high-skilled visas from this autumn
The government will launch a call for evidence on Offsetting Transport Emissions to explore consumer understanding of the emissions from their journeys and their options to offset them.
From June 2019, citizens of the US, Canada, New Zealand, Australia, Japan, Singapore and South Korea will be permitted to use e-gates at UK airports and at Eurostar terminals. (This was previously been announced as occurring in summer)
Landing cards from all other countries will also begin to be abolished from June 2019
The Government is launching a call for evidence on a Business Energy Efficiency Scheme to explore how it can support investment in energy efficiency measures in order to help small businesses
The Government will launch a global review into the Economics of Biodiversity to explore ways to enhance the natural environment and deliver prosperity
The Government has published a consultation on Infrastructure Finance, seeking views on how the government can best support private infrastructure investment in the context of the UK’s changing relationship with the European Investment Bank
Taxation • The Government announced a review of global tech companies to ensure they pay a fair share of tax in the UK.
The Government asked the Competition and Markets Authority (CMA) to undertake a study of the digital advertising market