Review on 2020
afternoon the Spending Review 2020 speech was delivered to Parliament
by Chancellor Rishi Sunak.
Government Spending Review 2020
See the main GOV.UK webpage.
See the HM Treasury webpage on the Spending
Review 2020. More
Spending Review 2020 documents. More
Main points in the Spending Review.
See our report on the Budget Spring Statement
made on Wednesday 11th March 2020
The Spring Statement made in the House of Commons by the Chancellor
of the Exchequer, Rishi Sunak MP, on Wednesday 11th March 2020 provided
an update on the Government's plans for the economy based on the latest
forecasts from the independent Office for Budget Responsibility. These
forecasts are published alongside the Spring Statement.
See a copy of the
Spending Review 2020. More
See a copy of the Chancellor's speech. More
The first two paragraphs of the executive summary for the Spending
Review 2020 document are:
1. Spending Review 2020 (SR20) prioritises funding to support
the government's response to Covid-19, invest in the UK's recovery
and deliver on promises to the British people. It sets departmental
budgets for 2021-22 and devolved administrations' block grants
for the same period, confirming that core day-to-day spending
- that is, before taking into account Covid-19 spending - will
grow at an average of 3.8 per cent a year in real terms from
2019-20 to 2021-22. This is the fastest rate in 15 years.
2. SR20 also provides £100 billion of capital investment
next year, a £27 billion real terms increase compared
to 2019-20. This is another significant step towards achieving
the government's objective of over £600 billion of gross
public investment over the next five years, reaching the highest
sustained levels of public sector net investment as a proportion
of GDP since the late 1970s.
This was a Spending Review and not a Budget statement so the
likely tax changes will follow, presumably in the next Budget
statementt in Spring 2021.
The Spending Review 2020 document has all the details of the
capital projects for the transport sector, including the tunnel
on the A303 near Stonehenge and details of the enviromnmental
measures including the ban on new fossil fuelled cars by 2030,
announced last week.
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