UK Finance Minister Rishi Sunak on Monday stated that he was determined to continue managing public finances better following the surge in public spending and at the same time he was ready to continue to give full support and support to Prime Minister Boris Johnson in tackling the Covid crisis -19.
The UK economy is currently in a state of crisis heading towards the largest budget deficit reading since World War II which was generally driven by an increase in emergency spending of around 200 billion pounds ($ 259 billion). At the same time tax revenue is also expected to decrease after the economy shrinks by 20% in the second quarter.
In his speech for the Conservative Party's annual conference, Sunak stressed that he promised to improve finances in the medium term and help the UK economy recover from the record of the biggest fall ever experienced.
Sunak previously announced a new job support scheme that will help companies hire people in a shorter time. However, Sunak reminded that he could not save every business and job.
Sunak's example warns that one of the main things the UK administration needs to do after the Covid-19 crisis is to repair the financial budget gap.
The pound continues to strengthen driven by reports of an agreement between UK Prime Minister Boris Johnson and Commission President Ursula von der Leyen.
