- Forecasts from the Office for Budget Responsibility (OBR) show the economy will contract by 11.3% this year
- It may take until the end of 2022 for the economy to return to its pre-pandemic size
- GDP will grow by 5.5% next year, 6.6% in 2022, 2.3% in 2023, 1.7% in 2024 and 1.8% in 2025
- The budget deficit will be £394bn this year
- Borrowing will remain at £164bn next year
- Pay rises for the public sector will be paused next year (There will be an exemption for more than 1 million nurses and doctors in the NHS)
- National living wage will be increased to £8.91 an hour, and extended to over-21s
- Overall unemployment is expected to peak next year at 7.5%
- Day-to-day departmental spending will rise in real terms by 3.8%
- The government will match EU funding for regional development after Brexit
- The core health budget will grow by £6.6bn
- The schools budget will increase by £2.2bn
- The government will cut the overseas aid budget to 0.5% in 2021
- Investment in infrastructure will total £100bn next year
25TH NOVEMBER 2020
