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UK PM announces recovery plan for economy

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UK PRIME Minister Boris Johnson has promised “New Deal” for Britain to help its struggling economy recover from coronavirus.

  He announced this in what he said will “unleash the potential of the entire country.”

  Likening his ambitions to rebuild the country to the achievements of Franklin D Roosevelt, who carried out an overhaul of the US economy in the wake of the Great Depression, Johnson said his government would be “powerful and determined and [put] its arms around people at a time of crisis.”

  The £5 billion ($6.2bn) plan will focus on infrastructure projects, which the government has said will fuel jobs and economic recovery.

  In economic terms, the UK is trying to stave off its worst downturn in more than 300 years. The country’s GDP contracted by more than 20 per cent in April, a record, following a 6 per cent decline in March. The Organization for Economic Cooperation and Development warned in June that the UK would suffer the worst downturn of any major economy this year.

  Scotland’s First Minister Nicola Sturgeon responded to Johnson’s plan through his twitter account, saying the stimulus fell “woefully short” of the money needed to put the UK “on a par with Germany.”

  She wrote, “I also suspect there will be less to it than meets the eye in terms of genuinely new money, £5bn in economic stimulus is woefully short of the c £80bn that would put UK on a par with Germany. I also suspect there will be less to it than meets the eye in terms of genuinely new money”.

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