Britain announces first budget since Brexit
Xinhua News Agency, London, March 11th (Reporter Yang Xiaojing) The first budget after Britain's "Brexit" was officially announced on the 11th. British Chancellor of the Exchequer Richie Sunak said in Parliament that the budget is a plan for future prosperity and will fulfill the government's promise to the people.
The ruling party, the Conservative Party, made multiple promises in the UK elections last December to expand infrastructure investment and public health system spending. The budget announced this time focuses on fulfilling its commitments, including investing more than £ 600 billion in roads, railways, broadband, and housing in the next five years, with net public expenditure at its highest level since 1955.
With the spread of the new crown pneumonia epidemic in Europe, controlling the potential impact of the epidemic on the economy has also become the focus of British fiscal policy. To alleviate the short-term impact of the epidemic on the British economy, the budget proposes a £ 30 billion policy response plan, including a £ 5 billion emergency response fund to support the national health system and other public services.
In addition to infrastructure investment and epidemic response, this budget also includes the establishment of "natural climate funds" and other measures to address climate change, increase investment in research and development, and raise the threshold for national insurance payment.
Jeremy Corbin, the leader of Britain's largest opposition Labour Party, welcomed the budget's measures to control the impact of the outbreak. But he also believes that the British government's investment in the national health care system is "too little and too late", and after years of spending cuts, British public services are in crisis.
Catherine McGuinness, chairman of the City of London's Policy and Resources Committee, said the budget's commitment to expanding infrastructure investments is a positive step, especially in terms of green transportation and gigabit broadband.
The UK failed to announce a new budget in 2019 due to "Brexit". Analysts here believe that on the basis of fulfilling the promises of the election, this budget basically clarifies the direction of fiscal policy after Britain's "Brexit."