Sunak says will start to fix budget deficit once outlook clearer | The Business Standard
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SUNDAY, OCTOBER 01, 2023
Sunak says will start to fix budget deficit once outlook clearer

Global Economy

Reuters
09 July, 2020, 05:00 pm
Last modified: 09 July, 2020, 05:01 pm

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Sunak says will start to fix budget deficit once outlook clearer

Sunak said that interventions to support the economy would cost an extraordinary amount of money, but the cost of not acting would have been far greater in the long run

Reuters
09 July, 2020, 05:00 pm
Last modified: 09 July, 2020, 05:01 pm
File Photo: Rishi Sunak arrives at Downing Street 10 in London, Britain February 13, 2020. Reuters/Hannah McKay
File Photo: Rishi Sunak arrives at Downing Street 10 in London, Britain February 13, 2020. Reuters/Hannah McKay

British finance minister Rishi Sunak on Thursday said he would act to put public finances back on a sustainable footing in the medium term, when he has a clearer view of the economic recovery from the Covid-19 crisis.

Sunak said that interventions to support the economy would cost an extraordinary amount of money, but the cost of not acting would have been far greater in the long run.

"We can't sustainably live like this, of course we can't, and over the medium term we can and we will return our public finances to a sustainable position," Sunak told the BBC.

"It's difficult now to get exactly the right trajectory on that, because we have an uncertain path ahead. But as soon as we have a clearer path... we can look at the situation and make sure that our public finances are back on a sustainable footing over a reasonable period of time."

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