Dexter Dibao, Economics Reporter
The Chancellor of the Exchequer Rishi Sunak pledged to create a new post-Covid economy in his Budget Statement to the House of Commons today.
The Office for Budget Responsibility expects the economy to return to normal by the turn of 2022. To a boisterous House, Rishi Sunak said there were “challenging months ahead.” He went on to confirm that VAT will not be cut on energy bills and inflation rises are of “concern.”
He also outlined a further £2 billion pounds to help schools and colleges; the HGV levy suspension is to be extended until 2023; 560 million pounds to help youth services across the United Kingdom; investment in attracting more nurses and 20,000 extra police officers; and additional funding for communities such as the introduction of 300 new youth clubs with full funding across the country.
Before Sunak’s speech the government had already leaked many of its Budget plans these include: scrapping the public pay freeze; announcing a rise in the minimum wage; investing £7bn in public transport across the country; and a further £6bn for the NHS to spend on reducing patient backlogs is promised.