Posted July 8, 2020 9:29 am by

London, United Kingdom, Jul 8 – Britain will Wednesday unveil a mini-budget to kickstart the UK economy, hoping costly infrastructure investment will help build its way out of the crisis caused by the coronavirus outbreak.

Prime Minister Boris Johnson has vowed to “build, build, build” in an “infrastructure revolution” for schools, affordable housing, road maintenance and public transport.

Finance minister Rishi Sunak is due to deliver his spending plans at 1130 GMT, having already flagged £3 billion ($3.7 billion, 3.3 billion euros) of green investment.

The chancellor of the exchequer will offer £2 billion ($2.5 billion, 2.2 billion euros) in grants for households to insulate homes and make them more energy efficient.

A further £1 billion ($1.25 billion, 1 billion euros) is being provided for public sector buildings, including hospitals.

Britain has had more than 44,000 deaths in the outbreak — the highest in Europe — heaping pressure on the government for its handling of the crisis.

Sunak said on Tuesday: “As Britain recovers from the outbreak, it’s vital we do everything in our power to support and protect livelihoods across the nation.

“Our green homes grant will not only cut families’ bills by making their homes more energy efficient, it will also kickstart our economy by creating thousands of green jobs — and supporting those skilled tradespeople who are ready to work.”

The plan is part also of Britain’s long-term pledge to reduce carbon emissions to net zero by 2050 to tackle climate change.

In addition, Sunak may announce plans to reduce stamp duty, which is levied on real estate transactions, to boost the property market.

Yet he is not expected to alter Britain’s emergency jobs retention plan, or furloughing, under which the government pays up to 80 percent of salaries for private sector workers.

Furloughing, which ends in October, is part of a series of multi-billion-pound packages to help those affected by the impact of the outbreak in Britain.

“Four months on from the outset of coronavirus, we have slowly and carefully reopened much of our economy, and we can now begin our national recovery,” Sunak told parliament.

“Throughout this crisis I have repeatedly made clear that whilst we cannot protect every single job, we will do all we can to make sure our businesses and people have the tools they need to get through this and emerge stronger on the other side.”

– Financial ‘hole’ –

Britain imposed a nationwide lockdown on March 23 to halt the spread of COVID-19 but has Read More…Britain to reveal post-coronavirus recovery plan  Britain to reveal post-coronavirus recovery plan  Britain to reveal post-coronavirus recovery plan  Britain to reveal post-coronavirus recovery plan