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The UK government and each of the three devolved governments (in Scotland, Northern Ireland and Wales) introduced public health and economic measures, including new laws, to mitigate its impact. A national lockdown was introduced on 23 March 2020 and lifted in May, replaced with specific regional restrictions. Further nationwide restrictions ...
Leading British economic think tanks warned Thursday that whoever wins the general election expected this year will face some very tough choices on tax and spending if they want to make sure the ...
Chancellor of the Exchequer Rishi Sunak presents the Johnson Government's first budget, which includes £30 billion in measures to protect the economy from the effects of the pandemic. [80] [81] [82] 12 March – Following a series of recent major falls, the FTSE 100 plunges again, this time by over 10%, its biggest drop since 1987.
On 28 March, Fitch Ratings downgraded the UK's government debt rating from AA to AA−, because of coronavirus borrowing, economic decline, and lingering uncertainty over Brexit. The ratings agency believed the UK's government deficit for 2020 might equal 9% of gross domestic product (GDP), compared to 2% the previous year. [87]
Rishi Sunak says that the "economic emergency" caused by COVID-19 has "only just begun" during his Spending Review announcement to the House of Commons, as figures from the Office for Budget Responsibility show that the economy is forecast to shrink by 11.3% in 2020, the UK's biggest economic decline in 300 years. [203]
In May 2020 a report in The Guardian said that after the government had suspended the standard tender process so contracts could to be issued "with extreme urgency", over a billion pounds of state contracts had been awarded under the new fast-track rules. The contracts were to provide food parcels, personal protective equipment (PPE) and assist ...
The more than 100-page report detailed six events held at Downing Street, the prime minister's offices and residence. "We conclude that in deliberately misleading the House Mr Johnson committed a ...
The UK was reported to be among the worst affected among the world's advanced economies. In 2021, the UK's inflation was less than that of the US, but high US inflation was not generally experienced as a cost-of-living crisis due to the stimulus cheques that had been distributed to American households. [8]