British finance minister Sajid Javid will announce increases in public spending ...
LONDON - British finance minister Sajid Javid will announce increases in public spending on Wednesday, preparing the ground for a possible snap election call by Prime Minister Boris Johnson who is seeking a way to break resistance to his Brexit plans.
Johnson has promised the “most ambitious spending round for more than a decade” although Javid, a former Deutsche Bank managing director, says he will stick to the fiscal rules of his predecessor, at least for Wednesday’s one-year spending plan. Javid has a bit of room to increase borrowing to fund his planned spending increases because Britain has cut its budget deficit from almost 10% of gross domestic product in 2010 to just over 1% now.
The Resolution Foundation, another think tank, said the weak economy, a recent rise in public borrowing and Johnson’s spending promises meant the Treasury was already set to break one of the fiscal rules that Javid has said he will honor - keeping borrowing below 2% of gross domestic product next year.Another budget rule commits Britain to bring down debt as a share of economic output each year.
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