money Rishi Sunak confirms autumn Budget as UK economy plunges into recession
Chancellor Rishi Sunak today confirmed that the autumn budget will go ahead despite the UK plunging into its worst ever recession.
In response to reports the Government is considering a postponement of the annual autumn budget statement in the event of a second wave of coronavirus, the Chancellor told Sky News: “We’ve said that we plan to have a fiscal event in the autumn and we’re very much working towards that goal.”
There had been reports Sunak was weighing options to shelve his autumn Budget. There is understood to be government anxiety over a possible autumn Covid-19 spike and as a result Sunak is considering whether to delay big public spending decisions until after the crisis.
The Chancellor also commented on the dire economic figures which showed the UK economy plummeted by 20% from April to June.
Sunak believes the UK economy is getting back to a “new normal” as lockdown restrictions ease.
He said: “It’s not a sustainable situation to have vast swathes of our economy essentially shut down.
“And that’s why we have been able to successfully reopen bits, and do it in a safe way.
“And as people get back to going shopping, or going out for a meal, or indeed getting back to their office, they will see that it’s a new normal, it’s a safe normal.”
Figures from the ONS show that the economy bounced back in June.
However he also acknowledged there would be tough times ahead.
The Chancellor added: “Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But... we will get through this."
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