Summer Economic Update July 2020

Document type
Slidepack
Corporate author(s)
Resolution Foundation
Publisher
Resolution Foundation
Date of publication
9 July 2020
Subject(s)
Social Policy, Employment, Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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This was not a Budget, but was still a big deal with £30bn of measures to support the economy. This is particularly significant when seen in combination with £160bn of pandemic-related support already announced, leaving borrowing this year on course to reach £350bn.

Debt interest costs will continue to fall, although the crisis will leave the Treasury with a persistent deficit to address (post-crisis).

The scale of government action reflects the scale of the economic crisis the pandemic has caused. Although the immediate backdrop is of slightly improved, short-term economic forecasts (or would have been, if the Chancellor had let the OBR produce its normal Budget forecasts), big economic challenges will remain until a vaccine arrives.

 

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