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Budget 2020: Chancellor unleashes £30bn spree to boost economy Budget 2020: UK growth 'to be slowest since 2009'
(32 minutes later)
The chancellor has unveiled a £30bn spending spree this year to boost growth and help the economy cope with the coronavirus outbreak. The British economy will grow at the slowest pace since the financial crisis this year, according to the government's spending watchdog.
Rishi Sunak unveiled £7bn of emergency finding to help people deal with the virus, alongside at least an extra £5bn for the NHS. The Office for Budget Responsibility (OBR) cut its 2020 growth forecast to 1.1%.
Mr Sunak said the outbreak would have a "significant impact" on the economy.
But he said extra spending and investment would provide "security today" and "prosperity tomorrow".
It came as the chancellor unveiled a three point plan to tackle the coronavirus including:
Mr Sunak said the coronavirus would hit spending and trigger a temporary disruption to the economy.
He warned that a fifth of Britain's workforce could be off work at any one time.
Mr Sunak said the government would do "everything we can to keep this country and our people healthy and financially secure".
Slower growth
It came as the government's tax and spending watchdog said the UK economy was on course to grow at the slowest pace since the financial crisis this year, even before the outbreak hit.
The Office for Budget Responsibility (OBR) cut its 2020 growth forecast to 1.1%, amid a stagnation in the economy during the final three months of last year.
This would be the weakest performance since 2009.This would be the weakest performance since 2009.
It came as the chancellor unveiled a £30bn package to help the economy cope with the coronavirus outbreak.
Slower growth
A year ago, the OBR predicted the UK economy would grow by 1.4% this year.A year ago, the OBR predicted the UK economy would grow by 1.4% this year.
Growth is expected to rebound in 2021 to 1.8%, before moderating to 1.5% in 2022 and 1.3% the following year. Chancellor Rishi Sunak said a weaker global backdrop would drag down UK growth.
The economy is expected to rebound in 2021, with growth of 1.8%, before moderating to 1.5% in 2022 and 1.3% the following year.
However, the forecasts were made before the extent of the coronavirus outbreak in the UK became clear.However, the forecasts were made before the extent of the coronavirus outbreak in the UK became clear.
They do not take into account the emergency government stimulus measures or the cut in UK interest rates announced earlier on Wednesday They do not take into account the emergency government stimulus measures or the cut in UK interest rates announced earlier on Wednesday.
There are currently 382 cases of the virus in the UK, and this number is growing.There are currently 382 cases of the virus in the UK, and this number is growing.
Fighting the virus
Mr Sunak unveiled £7bn of emergency funding to help people deal with the virus, alongside at least an extra £5bn for the NHS.
He said the outbreak would have a "significant impact" on the economy.
But he also said extra spending and investment would provide "security today" and "prosperity tomorrow".
It came as the chancellor unveiled a three-point plan to tackle the coronavirus, including:
Mr Sunak warned that the coronavirus would hit spending and trigger a temporary disruption to the economy.
He warned that a fifth of Britain's workforce could be off work at any one time.
The extra cash for the NHS, families and businesses comes on top of an extra £18bn earmarked by the chancellor to boost the economy.
Mr Sunak said the government would do "everything we can to keep this country and our people healthy and financially secure".