Economics
U.K. Curtails Spending Review in Fresh Blow to Boris Johnson
- Premier had hoped to commit cash to levelling up strategy
- Decision comes as budget deficit climbs to record $271 billion
Rishi Sunak departs from 11 Downing Street in London, on Oct. 20.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
Chancellor of the Exchequer Rishi Sunak cut a planned spending review from three years to one due to “unprecedented uncertainty,” dealing a blow to Boris Johnson’s plans to map out his priorities for a post-pandemic world.
The prime minister had hoped to bolster his agenda of “leveling up” inequalities across the country after promising 100 billion pounds ($130 billion) of investment in infrastructure projects. Now Sunak will set the budgets of government departments for the 2021-22 fiscal year only as a resurgent coronavirus raises more doubts about the economic outlook.