0

The Pandemic Put the British Economy Under Enormous Pressure

Rishi Sunak, British Finance Minister warned on Sunday that the UK’s economy was under enormous pressure from the coronavirus pandemic. The government is going to release the spending review this week.

The economic forecasts, along with the spending review, will be released on Wednesday. According to Sunak, it will show the enormous pressure and stress the British economy is experiencing. pandemic, The Pandemic Put the British Economy Under Enormous Pressure

The findings of the UK Office for Budget Responsibility – as well as the 750,000 jobs that have been lost to the coronavirus – will have to be taken into account. Besides, they consider the best way to fight the virus.

The coronavirus pandemic has had a profound impact on spending. However, the finance minister refused to re-apply strict measures.

Compared to last year’s daily public spending, Government spending will continue to increase Sunak said. 

However, Sunak refused to rule out a public pay freeze.

The United Kingdom is the country most affected in Europe by the new coronavirus pandemic. The country has more than 1.4 million infected cases and more than 54,000 deaths. 

In November, Prime Minister Boris Johnson’s administration imposed a four-week lockdown to halt the spread of the disease. It should see a partial lift on December 2 to give businesses a break.

Christmas is not going to be normal

On Monday, Boris Jonson, the Prime Minister of the UK will shortly announce the Government’s strategy for this winter. Sumak refused to anticipate Johnson’s announcement. 

“Winter Covid Plan” will replace the national lockdown on December 2. 

Rishi Sunak stated that the localized tiered system was a “far better way” to tackle coronavirus. Frustrating as it is, Christmas is not going to be normal this year, the minister declared. Still, the Government is looking at ways to see how families can spend some time with each other over the Christmas period.

On Saturday, before the spending review, Sunak’s department announced 3 billion pounds to help the national health service (NHS) overcome the impact of the pandemic.

Besides, hundreds of millions of pounds will go to mental health.

On Saturday, CRG, the coronavirus recovery group of Tories resisted new curbs. They warned that they could not support a tiered approach unless the Government produces a cost-benefit analysis showing they will save more lives than they cost.

The warning against measures causing “huge health and economic costs” came in a letter to the Prime Minister, which sources close to the group said had been signed by 70 Conservative MPs. However, the only signatories identified included solely the group’s leaders.

But Sunak implied the Government would be unable to do this, paving the way for a significant revolt unless the Prime Minister can convince them otherwise.

 

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

You might also like

Leave a Reply

Sending

Subscribe to Our Newsletters

Have the best of Finance Brokerage News delivered directly to your mailbox. Subscribe now to receive the latest market news.