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  • Britain will borrow almost £400 billion this year or close to $526 billion to pay for the massive coronavirus hit to its economy.

  • That's according to Finance Minister Richie Soon.

  • AC on Wednesday is he announced, a one year spending plan.

  • It means the budget deficit will jumped to its highest level since World War two Soon.

  • AC said Britain's economy is likely to shrink by just over 11% this year before growing around 5.5% in 2021.

  • Our health emergency is not yet over and our economic emergency has only just begun.

  • So our immediate priority is to protect people's lives and lively hoods.

  • Public borrowing would be the equivalent of around 19% GDP, the highest ever during peacetime soon, AC said.

  • The cost of the fight against the virus was now $373 billion well up from a previous estimate of about 267 billion.

  • There were signs of early moves to offset some of this spending to knock announced a pay freeze for most public sector employees except health workers.

  • Onda a reduction in Britain's foreign aid budget, a move which drew criticism from aid groups on the spiritual head of the Church of England.

  • I want to reassure the House that we will continue to protect the world's poorest spending the equivalent of 0.5% of our national income on overseas aid in 2021 allocating £10 billion at this spending review.

  • Wednesday's announcement comes with pressure also ramping up over a Brexit trade deal.

  • Britain has just five weeks until it's post Brexit transition expires on a new deal has not yet been agreed with the European Union.

Britain will borrow almost £400 billion this year or close to $526 billion to pay for the massive coronavirus hit to its economy.

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UK borrowing to hit peacetime high, Sunak says

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    林宜悉 posted on 2020/11/25
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