ICAEW comment on 2020 Spending Review
Wednesday 25 November 2020: Responding to the 2020 Spending Review delivered by Chancellor Rishi Sunak to the House of Commons today, Michael Izza, ICAEW Chief Executive, said:
“While today’s debt figures are eye-watering, if the Chancellor borrows prudently while interest rates are low, then he should be able to get the economy back on track. Nevertheless, it’s clear from today’s forecasts that the fallout from COVID-19 will hang over the next few years, if not the whole decade.
“Businesses need help now, but will also require support for the future, so the announcements on infrastructure investment, innovation and jobs are welcome. However the level of borrowing required to secure our post-pandemic recovery will take generations to repay, heaping more intergenerational debt on top of that still owed from the last financial crisis.
“The Chancellor’s announcement comes at a critical time, with less than 40 days until the end of the Brexit transition period. Politicians should be moving heaven and earth to secure the best possible trade deal to help stimulate and sustain our economic recovery.”
Please direct all media enquiries to:
Ruth Pott-NegrineSenior Media Relations Manager, ICAEW
T: +44 (0)207 920 8612