11/25/2020, 1:50 PM (Source: TeleTrader)
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Sunak: UK to provide £280 billion for COVID recovery

British Finance Secretary Rishi Sunak announced on Wednesday the government would provide £280 billion this year to support recovery from the coronavirus crisis.

Sunak revealed that another £55 billion would be added to the recovery fund next year. However, he warned that the British economy wouldn't rebound to pre-crisis levels before the fourth quarter of 2022.

The response fund will include £18 billion for contact & tracing program development, as well as £3 billion for expansion of the National Health Service. Sunak also said a new infrastructure investment bank would be established by the spring, and that an additional £4 billion will be secured for the development of local communities.

Breaking the News / ND