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Key points as Rishi Sunak sets out spending review

Written by on 25/11/2020

Chancellor Rishi Sunak is setting out government spending plans and latest economic forecasts.

Here are the main points:

  • £18bn allocated to testing, PPE and vaccines and £3bn for the NHS plus over £2bn to keep transport arteries open, more than £3bn to local authorities and £250m to help end rough sleeping
  • Altogether public services funding to tackle coronavirus next year will be £55bn
  • This year a total of £280bn provided “to get our country through coronavirus”
  • The OBR expects GDP to shrink by 11.3% this year, the biggest decline in more than 300 years
  • GDP expected to grow by 5.5% in 2021 but will not recover to pre-crisis levels until the fourth quarter of 2022
  • Borrowing is expected to reach £394bn for the current fiscal year, or 19% of GDP – the highest recorded level of borrowing in peacetime
  • The chancellor confirms £3bn for a three-year Restart programme to help a million people who have been unemployed for over a year to find jobs
  • Unemployment is expected to peak at 7.5% in the second quarter of next year

How will the spending review affect you and the country? Sky’s economics editor Ed Conway will answer your questions on the Sky News app and website from 5.30pm. Email questions to news@sky.com

 Sky News

© Sky News 2020

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