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The UK spending review 2020: What you need to know
After the most recent spending review by the UK chancellor, Rishi Sunak, there are serious question marks over how the country will react as the economy falls by 11.3% (its largest fall in more than 300 years). However, what we do know is how the countries budget will be allocated for the following...
After the most recent spending review by the UK chancellor, Rishi Sunak, there are serious question marks over how the country will react as the economy falls by 11.3% (its largest fall in more than 300 years). However, what we do know is how the countries budget will be allocated for the following year.
How will employment be affected?
During Sunak’s speech, it was revealed that the country is expected to see an increase in its unemployment rates. It is forecast that around 2.6 million people will be made unemployed by the middle of next year, and while this is lower than originally predicted in the summer, it will still be at its highest level since the country's financial crisis in 2009.
To combat this, the chancellor has pledged to make jobs his number one priority, including spending £2.9bn on a new Restart jobs scheme and an extra £1.4bn to expand the Jobcentre Plus agency.
How will the public sector be affected?
Surprisingly, it is estimated there will be no increase for 1.3 million public sector workers in 2021 in a bid to reduce the disparity between private and public sector jobs. This is after many people working in sectors such as retail, hospitality and leisure lost their job.
However, this will come as a disappointment to the key workers in the public sector such as nurses, doctors and teachers who have continued to work throughout the pandemic.
Despite general pay stagnating in the public sector, the allocated budget for both health and schools have increased. With health’s budget rising by £6bn and schools receiving an extra £2.2bn, which represents an increase of around 2.2% per pupil.
Has there been any other impact?
In positive news for mental health, a £500m package has been pledged to support mental health services in England, with many of the funding to go towards specialist services for young people and support for NHS workers.
This is something that’s welcomed by The AIM Group after we launched our #BehindTheMask campaign which looks to highlight the importance of supporting those whose mental health is struggling, especially when this year has been so tough on all of us.
To find out more about our campaign, head to: https://www.theaimgroup.co.uk/behind-the-mask
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