British finance minister Rishi Sunak on Wednesday gave clues as to when the 2021 expenditure budget and its details. Sunak has announced that he will announce a one-year government spending plan on November 25. Such government spending will be more targeted to address the Covid-19 pandemic and revive the employment sector.
According to Sunak, this increasingly worrying economic development has caused various parties to await certainty from the government. On that basis, the UK administration has set spending estimates for the year with full focus on tackling the Covid-19 pandemic and stimulating employment sector growth.
Earlier this month, Sunak was pressured and forced to set aside a spending plan for a 3-year period due to uncertainty in the spread of the Covid-19 pandemic and its impact on the current economy.
The November 25 statement will cover 3 main things, the first is to ensure that government departments have enough money to deal with pandemics and support the employment sector. The second is funds for public services and the third is infrastructure investment.
The UK has recorded a tremendous increase in public spending to address the effects of the Covid-19 pandemic on the economy. The UK is expected to experience a budget deficit of around 17% of total GDP based on an analysis released by the IMF.
