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25-11-2020, 11:52 AM
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Spending Review: Chancellor to set out government spending plans

https://www.bbc.co.uk/news/uk-politics-55061432

Chancellor Rishi Sunak will unveil the government's spending plans for the coming year later.

The Spending Review will include details on public sector pay, NHS funding and money for the devolved administrations in Northern Ireland, Scotland and Wales.

Mr Sunak will also set out the extent of the damage done to the UK economy by the coronavirus pandemic.

The government's Covid response has led to huge spending and borrowing rises.

The chancellor is expected to begin his statement at around 12:30 GMT following Prime Minister's Questions.
These include an extra £3bn for the NHS in England to help tackle the backlog of operations delayed due to Covid, an increase in defence spending and a £4.6bn package to help the unemployed back to work.
There will be very little good news - pay freezes, spending cuts, unemployment, more massive borrowing and ensuing debt.

https://www.bbc.co.uk/news/business-52663523

The government will certainly have to borrow enormous amounts of money because it is spending more than it is taking in from tax.

Back in July, the Office for Budget Responsibility (OBR), which keeps tabs on government spending, estimated that borrowing would be £372bn for the current financial year (April 2020 to April 2021).

So when the OBR publishes its next set of economic forecasts on Wednesday, they are likely to show that the UK will have to borrow even more than £372bn.

To put that into context: before the crisis, the government was expecting to borrow about £55bn for the whole financial year.
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25-11-2020, 01:28 PM
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Re: Spending Review: Chancellor to set out government spending plans

Something else for you to get upset about
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25-11-2020, 01:31 PM
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Re: Spending Review: Chancellor to set out government spending plans

Originally Posted by Bread ->
Something else for you to get upset about
And that's before a single official word has been said!
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25-11-2020, 01:37 PM
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Re: Spending Review: Chancellor to set out government spending plans

Originally Posted by Zaphod ->
And that's before a single official word has been said!

All part of the hysteria.
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25-11-2020, 01:57 PM
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Re: Spending Review: Chancellor to set out government spending plans

Financially we are in a right mess. I've given up worrying about it. Just assume there will be hard times ahead.
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25-11-2020, 01:59 PM
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Re: Spending Review: Chancellor to set out government spending plans

Originally Posted by AnnieS ->
Financially we are in a right mess. I've given up worrying about it. Just assume there will be hard times ahead.
Hard times, indeed .....
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25-11-2020, 02:03 PM
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Re: Spending Review: Chancellor to set out government spending plans

Originally Posted by AnnieS ->
Financially we are in a right mess. I've given up worrying about it. Just assume there will be hard times ahead.
Are you really?
Commiserations.

If you're genuinely interested in global financial matters you might like to read these:
https://www.weforum.org/agenda/2020/...-can-print-it/

https://johnredwoodsdiary.com/2020/1...oney-printing/
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25-11-2020, 02:58 PM
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Re: Spending Review: Chancellor to set out government spending plans

They have also announced a cut in Foreign Aid which is great news, just didn't go far enough. Obviously Tony square pants Bliar is upset about it.
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25-11-2020, 03:02 PM
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Re: Spending Review: Chancellor to set out government spending plans

Originally Posted by Longdogs ->
They have also announced a cut in Foreign Aid which is great news, just didn't go far enough. Obviously Tony square pants Bliar is upset about it.
Jeremy Hunt was on the news the other night lamenting the reduced spending on foreign aid to poor countries
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25-11-2020, 03:05 PM
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Re: Spending Review: Chancellor to set out government spending plans

Originally Posted by AnnieS ->
Jeremy Hunt was on the news the other night lamenting the reduced spending on foreign aid to poor countries
And Cameron apparently. Another former prime minister sticking his oar in.
 
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