Sunak to splash billions in spending review to shore up jobs amid Covid crisis
Added 11-25-20 01:36:03pm EST - “Unveiling his crucial Spending Review, Rishi Sunak declared that billions of pounds will be pumped into retraining the unemployed, as well as boosting infrastructure, the NHS and defence.” - Dailymail.co.uk
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Britons are facing up to £46billion in tax rises and spending cuts to get spiralling debt under control, it was revealed today as Rishi Sunak splashed the cash one last time to shore up jobs and businesses before vaccines can finally end the crisis.
Unveiling his crucial Spending Review, the Chancellor declared that billions of pounds will be pumped into getting the unemployed back to work, as well as boosting infrastructure, the NHS and defence, in a bid to create a platform for recovery.
But in a bloodcurdling message about the problems to come as he disclosed that the immediate response to the crisis has cost £280billion, Mr Sunak told the Commons: 'Our health emergency is not yet over and our economic emergency has only just begun.'
The backdrop to the latest intervention was incredibly grim forecasts from the government's fiscal watchdog, with Mr Sunak admitting borrowing is expected to hit £394billion this year as the economy shrinks by 11.3 per cent - the worst recession in more than 300 years.
In its first forecasts since March, the Office for Budget Responsibility said the economy will not be back to pre-crisis levels until the end of 2022.
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