Today the Chancellor of the Exchequer, Rishi Sunak, delivered his first Budget, and the UK’s first since leaving the EU. He did so against the backdrop of the evolving COVID-19 epidemic and an earlier Bank of England rate cut from 0.75% to 0.25%.
Responding to the Budget, Miles Celic, Chief Executive Officer, TheCityUK, said,
It is vital that confidence and economic activity are supported, people‘s health protected, and the public reassured. The package of stimulus and support announced today, alongside the measures taken by the Bank of England, is welcome. Using the UK’s example, the government should now intensify efforts for a coordinated international response.
“The measures on infrastructure are to be commended. Our country is long overdue for an infrastructure upgrade, and today the government has committed to pushing necessary projects through. Our industry will be critical to financing this investment, supporting the long-term investment in the future the UK needs. The Chancellor is right to focus on boosting interconnectivity between our dynamic regional and national centres – helping companies to continue to grow their operations in centres right across the country.
“We look forward to further detail and policy proposals in the months ahead for the long term role of financial and related professional services as a driver of the UK’s success and competitiveness.”