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UK Chancellor unveils winter spending review

And it's sobering reading.

A current 11.3% current contraction in the UK economy.

BN£394 (19% of GDP) required borrowing for the coming year.

A new BN£3 're-start' programme for the unemployed

Unemployment expected to rise to 2.6 million (7.5%) over the next year. 4.4% predicted for next year.

Public sector pay to be 'paused' for the next year. Apparently the private sector is performing more poorly.
Those earning less than 24K will receive extra £250.

BN£280 already spent on coronavirus 'measures' BN£55 to support public services next year.

Lots of money pledged to finish building current hospital plans unfinished as well as making 'repairs' to the many that really needed it ten years ago.

Nothing on support for firms currently furloughing.
Nothing for more support for local councils.

Office for Budget Responsibility will publish it's forecasts for the economy and public finances at 14:30 GMT
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Peppa · 26-30, F
I wish I knew what bn meant
Picklebobble2 · 56-60, M
[@305137,Peppa] BILLION £
Peppa · 26-30, F
[@448576,Picklebobble2] oh
HatterM · 46-50, M
Well... these are stats, let's see how things go when they operationalise. It's not going to be an easy time, that's for sure, though I do hope when vaccination's relatively widespread, economy will pick-up rapidly.
Picklebobble2 · 56-60, M
[@1044765,htreaty] Yes Sunak has a habit of coming to Parliament and saying 'Woe is me ! Look how bad this is !' and then six months later turning round and saying actually it's not as bad as first thought'. So anything said today is probably done to give folk advance warning of just how bad things could get !

But he also reckons Germany and France have it harder since they can't go beyond E:U spending limits by law. And with us supposedly coming out at least our elected government will be able to make up it's own mind on policy decisions regarding the economy.
HatterM · 46-50, M
[@448576,Picklebobble2] I tend not to listen to politicians much because they keep changing what they're saying and lie a lot anyway, as far as I'm aware. That's why we'll taste the pudding and find our proof then, I guess! Have to say, not looking forward to the hit we'll take from Brexit either, despite what government's saying right now.
Picklebobble2 · 56-60, M
[@1044765,htreaty] Reliability in politics is non-existent these days !
I mean Sunak could get all this done, annoy a very hardworking public sector to the point where Boris and co. get kicked out before all these long term predictions come about !

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