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Spend, spend, spend! Boris Johnson vows NO return to austerity

by Rebecca Edkins (2020-07-18)

Boris Johnson today vowed to keep splashing the cash despite mounting government debt as he insisted the coronavirus crisis can be an 'opportunity for change'.

The PM said he will 'double down' on investment in 'levelling up' the UK, comparing the effort to Franklin D Roosevelt's New Deal following the Great Depression in the US in the 1930s.

Unveiling a billion-pound upgrade of school buildings as the first step in his revival programme, Mr Johnson said the 'nightmare' of the pandemic would not mean a return to 'austerity' - insisting that would be a 'mistake'. 

But he also suggested that there will not be a Budget until the Autumn, Tour Quế Lâm từ Hà Nội despite Keir Starmer demanding a new financial plan next month.

There are mounting concerns about the public finances as lockdown wreaks havoc on the economy.

The government is expected to borrow £300billion this year with huge costs from the furlough scheme and other bailouts, and total debt has hit £2trillion.

The Bank of England revealed last week that the government might have effectively gone bust unless it had intervened to provide cash at the start of the crisis. 

However, speaking on Times Radio, Mr Johnson said: 'This is the time to invest in infrastructure, this is the time to make those long-term decisions for the good of the country.