UK's Reeves presents multi-year spending plans
LONDON, June 11 (Reuters) - British finance minister Rachel Reeves set out her plans to divide up more than 2 trillion pounds ($2.7 trillion) of public spending on Wednesday in a speech she hopes will foster a sense of national renewal.
Below are the key quotes:
AIM OF THE SPENDING REVIEW:
"We are renewing Britain. But I know that too many people in too many parts of our country are yet to feel it. This government's task, my task as Chancellor and the purpose of this spending review is to change that."
DEPARTMENTAL BUDGETS:
"Today I am allocating the envelope I set out in the Spring. In this spending review, total departmental budgets will grow by 2.3% a year in real terms."
"This first rule (on stability) allows me as I set out in the Budget to allocate 190 billion pounds more to the day to day running of our public services over the course of the spending review compared to the previous government's plans."
ON CHALLENGES AHEAD:
"As I said in the Spring Statement, the world is changing before our eyes. And since the Spring, the challenges we face have only grown more acute. The signs of our age of insecurity are everywhere. So we are acting on the promise in our Plan for Change: Building renewal on foundations of national security, border security and economic security."
"At the Budget last year I announced 150 million pounds to establish the new Border Security Command. And today, to support the integrity of our borders I can announce that funding of up to 280 million pounds more per year by the end of the spending review for our new Border Security Command."
"We will be ending the costly use of hotels to house asylum seekers, in this Parliament. Funding that I have provided today including from the Transformation Fund will cut the asylum backlog; hear more appeal cases; and return people who have no right to be here, saving the taxpayer 1 billion pounds per year."
"To champion those small businesses seeking access to finance as they look to grow, I am increasing the financial firepower of the British Business Bank, a two-thirds increase in its investments, increasing its overall financial capacity to 25.6 billion pounds."
"I am proud to announce the biggest cash injection into social and affordable housing in 50 years. A new Affordable Homes Programme – in which I am investing 39 billion pounds over the next decade.
"Direct government funding that will support housebuilding, especially for social rent."
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