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Chancellor to ‘spread opportunity’ in March budget spending spree

by Ace Damon
Chancellor to 'spread opportunity' in March budget spending spree

The chancellor says his budget backlog will be on March 11 and "will spread opportunities for those left behind."

Speaking on a visit to Manchester, Sajid Javid signaled that the government would continue its electoral manifesto, pledging to loosen the stock market after a decade of austerity.

The spending wave, he said, will be focused on the Midlands and the North – rewarding voters who have abandoned decades of loyal labor support to hand conservatives a large parliamentary majority in the December vote.

Queen's speech: Brexit and NHS at the center of the agenda

"The country has voted for the change. There are still a lot of people in our big country who feel left behind and we will deliver that change," he said.

"With this budget, we will unleash Britain's potential – uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal."

The outcome of the election leaves the UK on its way to leaving the EU on 31 January – ending some of the uncertainty that has held back investment and economic growth in recent years.

Amid evidence of a "return of Boris" in repressed activities since the election, Javid argued that Brexit offers "great opportunities."

But economists warned that a cloud of uncertainty is still hanging in the future as it is only 11 months to reach a trade deal with the EU within the current deadline.

The budget, Javid's first as chancellor, aims to send a clear signal that the UK is open to business and investing in its infrastructure and regions outside London.

Nomura economist George Buckley appears on Sky's Ian King Live (12/19/2019)

"There is still a lot of uncertainty" for companies about Brexit

The Treasury said: "The budget will prioritize the environment and will be based on recent announcements to increase spending on utilities and reduce the cost of living.

"This includes investing in new hospitals, training thousands of new police officers, financing vocational education and the largest cash increase ever for the National Minimum Wage."

Sky News understands that a National Infrastructure Strategy will be announced along with the budget and that Javid is also examining the functioning of the Treasury that could lead to a broad reorganization of the department.

He was due to hand over the budget in November, but was postponed after Brexit was postponed in the previous parliament, prompting Boris Johnson to call the election.

The chancellor indicated during the campaign that the surge in spending could lead to £ 20 billion in extra loans annually to finance responsible capital spending.

It was confirmed by authorities on Tuesday that the so-called tax rules – restrictions designed to keep lending out of control – would be updated to reflect "responsible" spending plans.

Responding to news of the budget date, shadow chancellor John McDonnell said: "After a decade of destroying the economy, we cannot have confidence in a conservative government delivering the scale of investment needed for renewal, especially with a Brexit without agreement yet. the table.

"The lack of foresight not to focus this budget on the threat of climate change is also criminally irresponsible.

"The government has learned nothing from the fires in Australia and the floods in Indonesia.

"This will be a reckless budget for climate change, not renewal."

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