Rishi Sunak, Chancellor of the Exchequer United Kingdom, will begin to address next week, the most complex “fiscal blowout” in Britain since World War II. According to Bloomberg, this is the challenge that the official will have to go through in order to consolidate definitively in front of the Palacio de Hacienda. In turn, next Wednesday the official will present the 2021 budgets for each department.
The reports will address all areas, from education to defense and also, according to the agency, will provide clues about certain “difficult decisions” that the leader will have to make. In that sense, the media announced that Sunak will confirm the fiscal limitation, an issue that has formed the heart of the Conservative Party since the 1980s when Margaret Thatcher served as Prime Minister of the United Kingdom.
About the current context of the European country, Bloomberg points out that the nation has a deficit of around 400 billion pounds, a sum that is equivalent to 531 billion dollars. It also emphasizes that trade relations with the European Union are going through a difficult time. At the same time, the country requires the help of the organism in order to face the economic consequences resulting from the pandemic.
Another factor affecting the economic outlook is the “costly” promises made by the Prime Minister of the United Kingdom, Boris Johnson, which according to the agency, cause interference in the relationship with Sunak, since, apparently, the official’s priorities would be different. However, the agency emphasizes that this will not prevent conservative forces from exercising their control over public spending.
Speaking with Bloomberg, Steve Baker, a member of the House of Commons Treasury Committee, said: “The Chancellor is facing a cradle of competitive pressures” and stated: “It is imperative that you let the public know that we continue to believe in solid money and balanced budgets. And yet it is essential that you do not hit the hammer for expenses.