Britain Allocates Hundreds of Billions to Bolster Its Economy
The British government announced on Wednesday hundreds of billions of pounds in spending on defense, health care and investment in infrastructure and housing, as it laid out its economic priorities for the next few years.
Rachel Reeves, the chancellor of the Exchequer, presented a breakdown of the public finances in Parliament, detailing how much money each government department will have to spend until 2029, around the time of the next general election. It brings to an end months on tense negotiations between Ms. Reeves and other ministers as she seeks to balance competing priorities and navigate economic challenges at home and abroad.
'We are renewing Britain,' Ms. Reeves told lawmakers. 'But I know that too many people in too many parts of our country are yet to feel it.'
The multiyear spending review is the clearest signal yet of how the government will fulfill its top mission to increase economic growth. It follows announcements in recent days to spend heavily to improve local public transport, construct a nuclear power plant and build more affordable housing.
A vow to 'fix the foundations'
When the Labour Party came to power less than a year ago, they inherited an economy under serious stress. Public services were struggling, with long wait lists for medical appointments; productivity growth had been stagnant for more than a decade; and recent tax cuts put the public finances under strain. The bond market revolt over former Prime Minister Liz Truss's spending and tax plans was still fresh in people's minds.
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