UK Chancellor of the Exchequer Sajid Javid on Wednesday unveiled a GBP 13.8 billion boost to government spending in areas such as health, education and security, which was the biggest increase in 15 years.
Presenting the Spending Round 2019, Javid said, “We are turning the page on austerity and beginning a new decade of renewal.”
The chancellor said day-to-day departmental spending will now grow by 4.1 percent above inflation in 2020-21 compared to the previous year.
Further, no government department will see a cut to its day-to-day budget for the first time since 2002, he added.
Javid also announced a GBP 2 billion in Brexit funding and no-deal preparedness for 2020-21, which is in addition to the GBP 2.1 billion he provided for the same during his initial days as Chancellor.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
