Today, the Chancellor announced the Spending Review for 2020.
He set out that the UK Government will provide billions of pounds in the fight against coronavirus, deliver on the promises it has made to the British people and invest in the UK’s recovery, the Chancellor announced today.
It includes:
- billions of pounds to help tackle Covid-19 next year
- increased funding to deliver stronger public services
- £100 billion capital spending including infrastructure to drive UK’s recovery and support jobs
- Delivering the Spending Review, Rishi Sunak said his immediate priority was to protect people’s lives and livelihoods as the country continues to battle the outbreak - allocating £55 billion to tackle the virus next year.
He also set out how the government would deliver stronger public services – honouring the promises it made to the British people with core day-to-day departmental spending growing by £14.8 billion in cash terms next year compared to 2020/21. From 2019/20 levels, that is an average growth of 3.8% a year, the fastest rate in 15 years.
The Chancellor also announced how the government would deliver the next stages of its record investment plans in infrastructure to drive the UK’s recovery and level up for a greener, stronger future with £100 billion of capital spending next year and a £4 billion Levelling Up Fund.
Setting out the budgets for government departments and devolved administrations’ block grants for 2021/21, the Chancellor of the Exchequer Rishi Sunak said:
Today’s Spending Review delivers on the priorities of the British people. Our health emergency is not yet over, and the economic emergency has only just begun; so our immediate priority is to protect people’s lives and livelihoods.
But today’s Spending Review also delivers stronger public services - paying for new hospitals, better schools and safer streets. And it delivers a once-in-a-generation investment in infrastructure. Creating jobs, growing the economy, and increasing pride in the places people call home.
For more details, have a read here or read the full transcript of his speech here.
