The Chancellor, Rishi Sunak, today delivered the Spending Review. Due to the enormous uncertainty and volatile economic picture, today’s statement set out departmental budgets for just one year (2021-22) rather than the usual three or four.
Sunak used his statement today to set out the grim economic picture, with it confirmed that the economy is due to shrink by 11.3% this year, the largest fall in output for over three hundred years. The Chancellor also made the first of what will no doubt be numerous ‘difficult decisions’ over the coming months with pledges to reduce the foreign aid budget to 0.5% of GDP and freeze public sector wage increases (although this will not apply to the NHS or those on less than the median wage).
Click the button below to read our summary of all today’s key announcements, including sector-specific analysis for tech, health, energy and transport.