UK vows to fight COVID-19 in 1st post-Brexit budget

CNC
Added On March 13, 2020

The British government has pledged 30 billion pounds, or about 39 billion U.S. dollars to shore up Britain's economy amid the COVID-19 outbreak.
 
Economy report has the details.
 
Speaking to MPs in the House of Commons, Chancellor of the Exchequer Rishi Sunak said the British economy faces a "significant impact" from the COVID-19 outbreak.
 
SOUNDBITE(ENGLISH): RISHI SUNAK, Chancellor of the Exchequer
“There will also be an impact on the demand side of the economy, through a reduction in consumer spending. The combination of those effects will have a significant impact on the UK economy. But it will be temporary. I'm confident that our economic performance will recover."
 
Of the 30 billion pounds, 12 billion pounds will be targeted at COVID-19 response, in which five billion pounds will be spent on national health service in England while seven billion pounds will go to business and workers across the country.
 
The stimulus plan came after the Bank of England cut the basic interest rate by 50 basis points to 0.25 percent.
 
The chancellor also announced other huge spending plans to boost infrastructure and innovation.
 
More than 600 billion pounds will be used for road, rail, housing and broadband projects over five years.