NSTworld: Britain’s new finance minister RishiSunak will pledge billions of pounds to fight the impact of coronavirus. covid19
Sunak, in the job for less than a month, will deliver the first budget of Prime Minister Boris Johnson’s government against a backdrop of slumping stock markets and a rush by global policymakers to pump more stimulus into their economies.
But with Johnson’s government now focusing on how to cope with an expected jump in coronavirus cases, Sunak has new spending priorities that could force him to relax the government’s self-imposed borrowing rules. The 39-year-old former Goldman Sachs analyst has also said he will help companies cope with a cash-flow crunch if their workers and customers stay at home in large numbers.
Andrew Bailey, who takes over as BoE governor next week, said last week the central bank needed more time to assess the impact of coronavirus, but he suggested it could revive a scheme that encouraged bank lending.Three of Britain’s biggest banks are offering repayment holidays on loans to customers.
“Providing stimulus will not get people out to restaurants and the cinema if they are staying at home to avoid infection,” Martins said.
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