LONDON - British finance minister Sajid Javid will announce increases in public spending on Wednesday, preparing the ground for a possible snap election call by Prime Minister Boris Johnson who is seeking a way to break resistance to his Brexit plans.
Johnson has promised the “most ambitious spending round for more than a decade” although Javid, a former Deutsche Bank managing director, says he will stick to the fiscal rules of his predecessor, at least for Wednesday’s one-year spending plan. Javid has a bit of room to increase borrowing to fund his planned spending increases because Britain has cut its budget deficit from almost 10% of gross domestic product in 2010 to just over 1% now.
The Resolution Foundation, another think tank, said the weak economy, a recent rise in public borrowing and Johnson’s spending promises meant the Treasury was already set to break one of the fiscal rules that Javid has said he will honour - keeping borrowing below 2% of gross domestic product next year.Another budget rule commits Britain to bring down debt as a share of economic output each year.
A decade of cuts, enhancing their own positions and profits, but now they're about to lose their seats its all spend spend spend. They may even end austerity...
Hope he's ready for the EU ATAD. He knows what's at stake for his rich chums with his Singapore banking experience.
If they win the election it will just be taken back in favour of tax cuts for the rich.
Haha so this was the plan all along... start promising loads of money for police,schools, benefits, NHS etc... call the election and then say to simpletons ' remember we are the party who are spending before the election was even planned' 😂 feels like they think we are morons..
The Magic Money Tree has suddenly sprung up in the Autumn.
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