Economy – Epidemic: UK to start public bank

The bank, which will open in the spring, will initially be provided with a capital of 12 billion, of which அரசு 10 billion is guaranteed by the government on loans.

Rishi Sunak, Minister of Finance of the United Kingdom.

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British Finance Minister Rishi Sunak will announce on Wednesday, during the budget, that he will create a public bank. Its services said Saturday that it would fund billions of pounds for infrastructure projects to support the epidemic-stricken economy.

The bank, which will open in the spring, will initially be provided with a capital of 12 billion, of which அரசு 10 billion is guaranteed by the government on loans.

It will support more than $ 40 billion in investment in infrastructure such as transportation or renewables, which will “jumpstart the economy” while helping the UK achieve its carbon neutral target, he said.

“We support this bank with the necessary funding to build the infrastructure and jobs that are fit for the 21st century,” Minister Rishi Sunak underlined.

Along with the recovery, the budget released on Wednesday was the first time the European single market and the United Kingdom’s effective exit from the European Customs Union, one of the countries most severely affected by the corona virus, and 122,000 people have died.

Summary of PIB

The country’s GDP shrank at a record rate of 9.9% in 2020 due to the shock of the health crisis, which paralyzed the entire operation for several months. A new prison, which will be in effect from the beginning of January, will be phased out from March to the end of June.

Last June, Conservative Prime Minister Boris Johnson called on US President Franklin D. Roosevelt. Roosevelt said he would like to be inspired by the “new deal” to revitalize the economy by investing heavily in infrastructure.

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