Mar 11, 2020

Budget 2020: Chancellor unleashes £30bn spree to boost economy

The chancellor has unveiled a £30bn spending spree this year to boost growth and help the economy cope with the coronavirus outbreak. Rishi Sunak unveiled £7bn of emergency funding to help people deal with the virus, alongside at least an extra £5bn for the NHS. Mr Sunak said the outbreak would have a "Significant impact" on the economy. Mr Sunak warned that the coronavirus would hit spending and trigger a temporary disruption to the economy. The Office for Budget Responsibility cut its 2020 growth forecast to 1.1%, amid a stagnation in the economy during the final three months of last year. A year ago, the OBR predicted the UK economy would grow by 1.4% this year.

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