UK’s Sunak: Damage COVID has done to economy has been acute
FXStreet News

UK’s Sunak: Damage COVID has done to economy has been acute

British finance minister Rishi Sunak is delivering his budget statement to parliament on Wednesday.

Key takeaways as summarized by Reuters

“I will do whatever it takes.”

“Damage covid has done to the economy has been acute.”

“Our borrowing is highest it has been outside wartime.”

“The UK and the world will take a long time to recover.”

“Will project jobs and livelihoods in the UK.”

“When we are on way to recovery we will need to begin fixing public finances.”

“OBR sees a swifter and more sustained recovery than in November.”

“We will provide a new restart grant for businesses in April.”

“Retailers will receive up to 6,000 pounds per premises.”

“Hospitality venues will receive up to 18,000 pounds per premises.”

“Total direct cash support for businesses will rise to 25 billion sterling.”

“Will introduce new recovery loan scheme to replace bounce back loans.”

“Businesses can apply for loans of 25,000 to 10 million pounds.”

“Business rates tax exemption will continue until the end of June.”

“Business rates will be discounted by up to two thirds for the remaining 9 months of the financial year, worth 6 billion sterling.”

“5% reduced rate of vat will be extended for hospitality businesses until the end of September.”

Market reaction

These comments don’t seem to be having a significant impact on market sentiment. As of writing, the UK’s FTSE 100 Index was up 0.8% on the day at 6,665.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.