Chancellor of the Exchequer Philip Hammond presented his Spring Budget this week, stating that the UK economy continues to grow, with wages increasing and unemployment at historic lows, providing a solid foundation on which to build Britain’s economic future.
Forecasts from the Office for Budget Responsibility (OBR), show unemployment will remain near historic lows over the next 5 years, employment will increase by a further 600,000 by 2023 and added that wages are increasing at their fastest pace in over a decade and are forecast to continue to grow faster than inflation.
The Budget also advised of updates to the apprentice reform, meaning from April 1st employers will see the co-investment rate they pay cut in half from 10% to 5%, at the same time as levy-paying employers are able to share more levy funds across their supply chains, with the maximum amount rising from 10 % to 25%.
In addition, the Chancellor set out further investments in Infrastructure, technology, housing, skills and clean growth so that the UK can capitalise on future post-EU exit opportunities.
In exciting technology news for Edinburgh, the Chancellor announced £79 million funding for a new supercomputer based in the city – five times faster than existing capabilities – whose processing power will contribute to discoveries in medicine, climate, science and aerospace, and build on previous British breakthroughs including targeted treatment for arthritis and HIV.
Lastly, the Chancellor welcomed the Furman review, an independent review of competition in the digital economy, which has found that tech giants have become increasingly dominant. The Chancellor announced that the government will respond later in the year to the review’s calls to update competition rules for the digital age – to open the market up and increase choice and innovation for consumers.