Chancellor announces spending plans
Chancellor Sajid Javid has announced an additional £13.8 billion day-to-day spending on Government departments for 2020/21.
In the Spending Review on 4 September 2019, the Chancellor said he was "turning the page on austerity", increasing funding for areas including healthcare, education and policing.
He also announced an extra £2bn in funding for Brexit preparations.
A number of business groups reacted with caution to the Spending Review, which was the Government's first major economic statement since the Spring Statement in March.
Suren Thiru, head of economics at the British Chambers of Commerce, said the review was "limited in scope and detail" and called for "bold measures" to support businesses and stimulate economic growth.
The Institute of Directors (IoD) said business leaders need an emergency Budget to provide "direct support" during politically turbulent times.
Tej Parikh, chief economist at the IoD, said:
"Earmarking departmental spending is a vital exercise, but firms would much rather see longer-term outlines to inform their own investment plans.
"The accelerated process also afforded little space for businesses to feed in their priorities.
"Meanwhile, there is concern that, without official forecasts alongside, the money allocated may eat into future funding."
Get in touch to discuss your business.