2020 spending review at a glance
  • Forecasts from the Office for Budget Responsibility (OBR) show the economy will contract by 11.3% this year
  • It may take until the end of 2022 for the economy to return to its pre-pandemic size
  • GDP will grow by 5.5% next year, 6.6% in 2022, 2.3% in 2023, 1.7% in 2024 and 1.8% in 2025
  • The budget deficit will be £394bn this year
  • Borrowing will remain at £164bn next year
  • Pay rises for the public sector will be paused next year (There will be an exemption for more than 1 million nurses and doctors in the NHS)
  • National living wage will be increased to £8.91 an hour, and extended to over-21s
  • Overall unemployment is expected to peak next year at 7.5%
  • Day-to-day departmental spending will rise in real terms by 3.8%
  • The government will match EU funding for regional development after Brexit
  • The core health budget will grow by £6.6bn
  • The schools budget will increase by £2.2bn
  • The government will cut the overseas aid budget to 0.5% in 2021
  • Investment in infrastructure will total £100bn next year

ANDREW BAKER

Eureka Financial Solutions


Helping personal and business clients with all areas of Financial Planning, ensuring that with our experience and expertise they can meet their individual and business goals. Eureka is a regional network of professional advisers providing personal face to face, Mortgage and Insurance advice at a location to suit you.
Telephone: 01299 821160 Email: andrewbaker@svbg.co.uk
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