World news – Britain – The UK faces the worst hit to the economy in 300 years as Covid-19 damage will continue until 2024

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Counselor Rishi Sunak will detail the year-long spending review later this month to explain how the government plans to address the economic pain the pandemic and the frequent shutdowns cause

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The United Kingdom faces the worst damage to its economy in more than 300 years due to the Corona virus, with fears that the effects will continue until 2024.

Reports claim that the upcoming government spending review will reveal that the UK economy will contract by nearly 11% in 2020, its worst annual performance in more than three centuries..

The epidemic has caused enormous damage to the economies of countries around the world as companies are forced to close and stay at home to limit the spread of the deadly disease.

The Financial Times said, based on previous data from the Office of Budget Responsibility and the Bank of England, that Chancellor Rishi Sunak is likely to publish forecasts showing that the country’s economy is still suffering from the impact of Covid-19 by the time of the next general election..

But that hasn’t stopped Boris Johnson from announcing plans for « the largest investment program in the British armed forces since the end of the Cold War. ».

Officials say this will cement the UK’s position as the largest defense spender in Europe and the second largest country in NATO.

In addition to promising new space leadership, the prime minister will also develop plans for a national cyber force to protect the country from attack.

Washington’s Acting Secretary of Defense, Christopher C. Miller, said in a statement that the United States « applauds the declaration, » which added that it will ensure « the British Army continues to be one of the best fighting forces in the world. ».

“Their commitment to increasing defense financing should be a message to all free nations that the most capable among us can – and should – do more to counter emerging threats to our security and our shared freedoms,” Mr. Miller said.

This move will support an additional £ 1. A $ 5 billion investment in military research and development with a commitment to invest more in the Future Combat Air System to develop the next generation of fighters for the RAF.

Downing Street said it is expected that the various projects together will create up to 10,000,000 jobs annually across the UK..

Defense Secretary Ben Wallace said: « This is excellent news for defense, and it provides us with the financial certainty we need to modernize, plan for the future, and adapt to the threats we face. ». .

Labor Shadow Defense Secretary John Haley said: « This indicates a welcome and long-overdue promotion in Britain’s defenses after a decade of decline..

« Since 2010, the size of the Armed Forces has decreased by a quarter, defense spending has been cut by more than 8 billion pounds, and the defense budget contains a black hole of 13 billion pounds.

Military Budget, US Department of Defense, United Kingdom, NATO

World News – Britain – The United Kingdom faces the worst damage to the economy in 300 years as the damage from Covid-19 virus will continue until 2024
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Ref: https://www.mirror.co.uk