Summer Statement in Brief

The Covid-19 pandemic has had a drastic effect on the global economy, with the IMF predicting “the worst economic downturn since the Great Depression.” Social distancing measures, supply chain disruption and economic uncertainty have caused British economic growth to plummet – GDP fell by a record 20.4% in April. The government clearly sees increased spending as an essential part of the country’s route out of this crisis and Chancellor Rishi Sunak didn’t shy away from opening the purse strings in his 8 July statement. Speaking to a socially distanced House of Commons, Sunak outlined his spending measures to fire up Read More