Name: UK borrowing to hit peacetime high, Sunak says
Uploaded: 2020-11-25T19:05:15.000Z
Duration: 1 min 52 s
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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. 