Published on: 26 November 2020Yesterday the Chancellor of the Exchequer outlined details of the Spending Review which explains what the UK Government will spend on key areas of the economy such as health, education and transport next year.
Speaking to Parliament, the Chancellor said the UK economy was forecast to shrink by 11.3% this year, with unemployment expected to rise. Crucially, he said predictions for output suggested that that economy would grow by more than 5% next year.
Among the key announcements is a new £4bn levelling up fund which will pay for upgrading local infrastructure across the UK. He also announced that the business rates multiplier will be frozen in 2021-22. Further support in training and skills will also be provided through a £375m skills package and a £1.6bn funding package for the Kickstart Scheme to subsidise jobs for young people.
British Marine members can read full details of the review here.