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        UK vows to fight COVID-19 in 1st post-Brexit budget

        CNC
        Added On March 13, 2020

        The British government has pledged 30 billion pounds, or about 39 billion U.S. dollars to shore up Britain's economy amid the COVID-19 outbreak.
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        Economy report has the details.
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        Speaking to MPs in the House of Commons, Chancellor of the Exchequer Rishi Sunak said the British economy faces a "significant impact" from the COVID-19 outbreak.
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        SOUNDBITE(ENGLISH): RISHI SUNAK, Chancellor of the Exchequer
        “There will also be an impact on the demand side of the economy, through a reduction in consumer spending. The combination of those effects will have a significant impact on the UK economy. But it will be temporary. I'm confident that our economic performance will recover."
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        Of the 30 billion pounds, 12 billion pounds will be targeted at COVID-19 response, in which five billion pounds will be spent on national health service in England while seven billion pounds will go to business and workers across the country.
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        The stimulus plan came after the Bank of England cut the basic interest rate by 50 basis points to 0.25 percent.
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        The chancellor also announced other huge spending plans to boost infrastructure and innovation.
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        More than 600 billion pounds will be used for road, rail, housing and broadband projects over five years.

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