Thread by @theousherwood

Chancellor Rishi Sunak says the Government is providing £280 billion of spending.

£3 billion for the NHS.

£2 billion to subsidise rail networks.

£250 million to end rough sleeping.

Next year public service spending to tackle Covid £55 billion.

Economy will contract 11% this year.

Economic output will not return to pre crisis levels until end of 2022.

Borrowing at highest levels in UK peacetime history.

Situation unsustainable in the medium term, Chancellor says.

OBR expects unemployment at the end of next year to top 7.5%. Nearly 3 million people.

2.6 million people unemployed.

Mr Sunak says given pain in private sector he “cannot justify” pay rise for everybody in public sector.

Only one million working in NHS will get a pay rise.

But those earning below £24k will get a £250 pay rise.

Pay rise for those on national minimum wage, which goes up to £8.91 an hour.

Day to day departmental spending will rise next year by 3.8%. An increase of £14.8 billion.

(From a few moments ago) Borrowing £394 billion this year, which is 19% of GDP.

Mr Sunak says the Government is “on track” is deliver 20k police officers.

Now confirms cut in foreign aid. UK will now spend 0.5% of GNI on foreign aid.

Says the Government’s “intention” is to return to 0.7%, which for the moment cannot be “justified” to the British people.

Chancellor says the country’s final priority is to deliver on major infrastructure projects - £100billion allocated.

Big one: new levelling up fund of £4 billion.

Managed between Treasury and MHCLG.

Money for new by-passes, libraries or museums. Applications must be backed by local MP.