Autumn Budget 2021: Faster growth gives Sunak £30bn to invest in public spending - reports

Upgraded growth forecasts due to give Chancellor fiscal room for manoeuvre

Pedro Gonçalves
clock • 3 min read
The Chancellor Rishi Sunak will deliver his third budget today at 12h30
Image:

The Chancellor Rishi Sunak will deliver his third budget today at 12h30

Rishi Sunak will use his budget today to insist the UK is entering an economic “age of optimism” as upgraded growth forecasts give the chancellor the chance to unveil extra public spending, according to reports.

Rishi Sunak is expected to use up to £30bn from the proceeds of faster growth to invest in public services and reduce borrowing when he unveils his budget today (27 October), The Times said. Sunak will brandish new official forecasts showing that the UK economy has grown faster than expected this year and that long-term Covid-19 "scarring" of the economy will be less severe than feared, giving him fiscal room for manoeuvre. The economy is now predicted to grow by about 7% this year, the chancellor is expected to say, The Times reports.  This is nearly twice as much as the 4% predicted...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

The fall in sales volumes over the month was because of food stores, which fell by 1.6%.
UK

UK retail sales slip in May as consumer confidence falls to lowest on record

Shoppers cut back on food spending

clock 24 June 2022 • 2 min read

Event Voice: Your Questions Answered by Barings at the Fixed Income Event

Barings
clock 23 June 2022 • 2 min read
"UK is at a crossroads"
UK

Average global funds hold a third less in the UK than before Brexit

Brexit risks still an issue for managers

clock 23 June 2022 • 4 min read
Trustpilot