Johnson administration delivers ‘optimistic’ budget thanks to 6.5% growth

Abigail Brewer 3 years ago 2 min read

The British economy recorded a larger-than-expected recovery, up 2.5 points
The plan includes multi-million dollar investments in the public sector with additional funds for schools

The British government on Wednesday presented its autumn budget to tackle the post-pandemic era with “optimism”, pumping money into public services, thanks to a stronger recovery in the economy. British Finance Minister Rishi Sunak explained that economic growth in the UK was stronger than expected. While there was an estimate of 4% in March, it is now expected to reach and6.5% this yearIt is expected to remain in 6% by 2022This leaves the treasury with more room to maneuver. “Today’s budget does not put an end to the virus. We have tough months ahead, but today’s budget begins to prepare to work for a new post-Covid economy., he has Sunak announced.

More money for schools and cheaper pint

The plan calls for multi-million dollar investments in the public sector with additional funds for schools. NHS spending and infrastructure will be maintained, Boris Johnson wishes. There will be an increase in the minimum wage from €10.50/hour to €11.27/hour for workers over 23 years old. The wages of civil servants are also rising. Minister Promises to protect low-income families From rising food, gas, electricity and gasoline prices, inflation could exceed 4% next year. A global problem, Sunak stated, “It’s impossible to fight alone”.

The budget includes cutting some taxes on alcoholic beverages, while reducing a pint of beer Help alleviate the bar crisisvery affected by the epidemic. Taxes on domestic flights have also been cut, which is still shocking on the eve of the Cop26 environmental summit in Glasgow.

The person considered a potential future Conservative leader explained that the current state aid was due to the pandemic, but Sunak attributed the “ethical” task of reducing this waste and lowering taxes. “Do we want to live in a country where the answer to every question is what is the government going to do about it?” I have asked. We must move toward “a stronger economy, with higher productivity, more skilled jobs, and higher wages.”

Currently, the country must solve the many barriers and obstacles arising from Brexit, which has led to severe shortages and labor shortages. The projected unemployment rate for next year is around 5.2% and many companies don’t know how to get employees.