The Chancellor’s Spending Review

16 December, 2020

At the end of November the Chancellor; Rishi Sunak, announced his spending review.

Some key points being:

  • The Office for Budget Responsibility predicts that the economy will contract this year by 11.3% and will end up being around 3% smaller than expected in the March budget.
  • The Government will borrow £394 billion this year, the equivalent of 19% of GDP.
  • By 2025-2026 underlying debt is due to hit 97.5% of GDP.
  • Business rates multiplier will be frozen in 2021-2022.
  • The government is considering options for further Covid-19 related support through business rates relief. In order to ensure that any decisions best meet the evolving challenges presented by Covid-19, the government will outline plans for 2021-2022 relief in the New Year.
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