NEWS

Government Spending Review fast-tracked

In order to provide government departments with 'financial clarity' ahead of Brexit, the Chancellor Sajid Javid has announced that a one year spending review will be carried out next month.

The Chancellor said a one-year budget allocation would be 'fast-tracked' to allow civil servants to simultaneously press ahead with improvements to public services and prepare for Brexit, which is currently set to take place on 31 October.  The Treasury's chief secretary will run the spending review, having been handed the task of negotiating the allocation of a total Whitehall budget of £892bn with departments. The government intends to carry out a three-year Spending Review in 2020.

The Office for Budget Responsibility, the government’s independent economic forecaster, has warned that a no-deal Brexit would wreck the UK’s public finances. The OBR said leaving the EU without a deal would plunge Britain into a recession that would shrink the economy by 2% and push unemployment above 5%. Current forecasts for spending and tax receipts are based on Britain leaving the EU with an agreement in place.

 

12/08/2019

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10/12/2019

UK economy flatlined in October

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REF: MC/NL/1.2