The UK is going through a period of ‘economic emergency’ and will experience an unprecedented contraction in Gross Domestic Product (GDP) of 11.3 percent in 2020 due to the pandemic, according to forecasts announced by the UK Finance Minister.
The official forecast for next year shows growth of 5.5 percent, British Chancellor Rishi Sunak said in a speech to Parliament.
Regarding the government deficit, Sunak said that the expected increase to £ 394 billion this fiscal year, equivalent to 19 percent of GDP, was due to the unprecedented efforts to support jobs in the face of the pandemic shock, Sunak said in a comprehensive presentation. spending plans.
In particular, public services will receive a total of £ 55 billion next year, said Sunak.
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