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Chancellor Rishi Sunak is holding his spending review in the House of Commons, exposing the damage the coronavirus has done to the economy and public finances.
Mr Sunak said the « UK’s economic plight has only just begun » and that the government allocated £ 280 billion this year to help the country through the coronavirus crisis.
The Budgetary Responsibility Bureau predicts the economy will shrink by 11 this year. 3% he said.
The 2. 1 million public sector employees below the 24th average wage. Earning £ 000 is guaranteed a minimum raise of £ 250 next year, Sunak said.
The Chancellor said NHS doctors and nurses will receive a raise, but raises in the rest of the public sector will be « paused » next year.
Mr Sunak said that nearly £ 3 billion would be allocated to Labor and Pensions Minister Therese Coffey to run a new three-year « restart program » that will help more than a million people who have been unemployed for more than 12 months supposed to find new work.
He added that unemployment is expected to rise to a high of 7. 5% – or 2. 6 million people – in the second quarter of 2021.
The Chancellor also said: “Unemployment is expected to fall to 4 every year. 4% by the end of 2024. ”
Rishi Sunak said the underlying debt is expected to be 91. 9% of GDP this year and is expected to keep increasing to reach 97. 5% of GDP in 2025/26.
Regarding the Bureau of Budgetary Responsibility Economic Forecasts, Sunak said the economy will “shrink by 11 a.m. this year. 3%, the biggest drop in production in more than 300 years « .
He said, “If the restrictions are relaxed they expect the economy to recover and grow by 5. 5% next year, 6. 6% in 2022, then 2. 3%, 1. 7% and 1. 8% in the following years.
“Even if growth returns, our economic output is not expected to return to pre-crisis levels until the fourth quarter of 2022 – and the economic damage is likely to be permanent. Long-term scarring means the economy will be around 3% smaller in 2025 than expected in the March budget. ”
Mr Sunak said the UK is expected to total $ 394 billion this year. GBP will borrow, which is 19% of GDP, and told MPs: “The highest credit level in our peace history.
“Borrowing will drop to 164 billion next year. GBP, 10,522 GBP in 2022/23, and remains around 100bn for the remainder of the forecast. GBP, 4% of GDP.
« The underlying indebtedness is expected to be 91 after the temporary effect of the Bank of England asset purchases is removed. 9% of GDP this year. ”
Rishi Sunak said the government is allocating £ 280 billion to « sweep our country through coronavirus, » and told MPs, « To fund our testing, personal protective equipment and vaccine programs for the next year, we are providing initially 18 billion pounds available. ”
The Chancellor said £ 3 billion would be allocated to help restore the NHS – so they can perform up to a million checks, scans and operations – while more than £ 2 billion will be spent on transportation with Means to subsidize rail networks.
He added, “And while a lot of our coronavirus responses are across the UK, the government is also providing £ 2. 6 billion to support decentralized administrations in Scotland, Wales and Northern Ireland.
This will help fund programs for mass testing, test and trace, personal protective equipment, and vaccines. # SR20 image. Twitter. com / 7r9KgFxGF4
Chancellor Rishi Sunak said the « UK’s economic plight has only just begun » and that the government allocated £ 280 billion this year to help the country through the coronavirus crisis when he conducted his spending review at the House of Commons.
The Budgetary Responsibility Bureau predicts the economy will shrink by 11 this year. 3%, said the Chancellor.
The Chancellor said the spending review « meets the priorities » of the British people and told the Commons, « Our health emergency is not over and our economic emergency has only just begun.
Rishi Sunak said the spending review aims to provide « stronger public services » and will provide a « one-time infrastructure investment. ». .
The pre-copy of the Chancellor’s spending review has arrived – earlier than usual, but just as edited… 🤦 #SpendingReview pic. Twitter. com / WoUCtmQ5tJ
Before the speech, former Labor leader Jeremy Corbyn wrote a letter to the Chancellor, along with a number of party MPs, on statutory sick pay, although he is now independent.
Mr Corbyn recently had the party whip removed from successor Sir Keir Starmer for his response to a report on anti-Semitism.
By making sure everyone can afford to self-isolate, adequate sick pay will help slow the spread of #coronavirus. #SickPayForAll pic. Twitter. com / CXk5Tg68YS
Individuals, families, and communities must become stronger, healthier, and happier through this spending review.
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Spending review, Chancellor of the Exchequer, Ministry of Finance, Government
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