Rishi Sunak unveils his first Budget; announces 30 bn pound stimulus package to combat coronavirus

Britain's Indian-origin Chancellor of Exchequer Rishi Sunak unveiled a 30-billion pound pack on Wednesday to tackle "temporary disruption" from coronavirus outbreak as he declared that while going will be tough for some as a result of ded impact of crisis, UK ecomy is well placed to pull through.

Sunak, 39-year-old MP who tabled his first Budget in House of Commons, was cheered on by Prime Minister Boris Johnson and Home Secretary Priti Patel just behind him on ruling Conservative benches as he anunced that his Budget h taken party's election pledges into account to “get things done”.

He warned of a "significant" but temporary disruption to UK ecomy.

"We will get through this toger," said Sunak, son-in-law of Infosys co-founder Narayana Murthy, as he unveiled 30-billion pound pack of measures as a stimulus to cope with "temporary disruption" to ecomy from coronavirus crisis.

"For a period, it’s going to be tough. But I'm confident that our ecomic performance will recover," he said.

minister said that as country deals with COVID-19, Budget provides security today but also sets out a plan for prosperity tomorrow.

"It is a Budget that delivers on our promises to British people. It is a Budget of a government that gets things done,” he said.

"We are doing everything we can to keep this country and our people healthy and financially secure," he told MPs.

hedge fund manr turned politician stressed that his maiden Budget was “brave and bold” because it lays out mega investment plans for different parts of UK as a n-member of EU.

He said: "This is first Budget of a new dece. first in almost 50 years outside European Union. And first of this new government.

"At election, we said we needed to be one nation. While talent is evenly spre, opportunity is t – we need to fix that… We promised to get Brexit done, and we got it done."

On infrastructure front, he set out 600-billion pound to be spent on ros, rail, broband and housing by middle of 2025, dubbed country's largest capital investment in infrastructure for generations.

Budget confirmed some previously kwn plans such as abolition of so-called "tampon tax" or VAT on sanitary products from January next year and to establish UK Treasury offices in Scotland, Wales and rrn Ireland as well as a new "ecomic campus" with over 750 staff in rth of England, region Sunak represents as an MP for Richmond in rth Yorkshire.

He also unveiled a “bumper” exports pack to support British business "make most" of opportunities of Brexit. pack will include 5 billion pound of loans designed to stimulate British businesses and bolster ir global standing through UK Export Finance (UKEF), government ncy providing loans to overseas buyers of British goods and services.

"This pack – which is highest level of export lending government has ever me available – will provide support to industries and regions across country,” said Sunak.

“This dece will provide even more opportunities for British businesses to export and tre with new partners across world. government will support business to seize se opportunities and thrive on world st,” he said.

On environment front, he anunced a plastic packaging tax to come into force from April 2022 as well as increased anti-pollution taxes.

On a lighter te, he also anunced he was abolishing VAT on books, newspapers, magazines and acemic journals from December 1, which would include Labour Party Show Chancellor John McDonnell's ‘Ecomics for Many’, which he joked h t sold many copies anyway.

He was patted on back by Johnson as he sat down at end of an over hour-long speech, his first major task since he was suddenly promoted to post of Chancellor of Exchequer after his predecessor, Sajid Javid, resigned amid a disagreement with prime minister during last month’s Cabinet reshuffle.

Sunak has since cast himself as a finance director of country with Johnson as CEO and h been focussed on delivering his first Budget just weeks into job. He may w turn his focus on shifting into Chancellor’s flat on Downing Street with wife Akshata Murthy and ir two daughters, Krishna and Aushka.

(Photo: AP)