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No Spending Spree
World Economy

No Spending Spree

There will be no “spending sprees” in Wednesday’s budget, Chancellor Philip Hammond has warned. Hammond said any surplus cash would be used to ensure the UK had enough “gas in the tank” for the coming years, BBC reported. He also acknowledged social care budgets were under particular pressure but said this was “not just about money”. Labor said the government was putting money aside to prepare for Brexit which should instead be spent on the NHS. Hammond said he will use Wednesday’s budget to announce that rising tax revenues as a result of a stronger than expected economy will be used to build up a £60 billion ($73.78 billion) reserve to deal with Brexit related uncertainty, rather than increase spending on the NHS.

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