British finance minister Rishi Sunak has promised there will not be a return to austerity due to its Covid-19 response.
But he also warned the UK will not have a normal Christmas due to the pandemic.
Mr Sunak said he will announce "quite a significant" increase in funding for public services in a one-year spending plan on Wednesday.
"You will not see austerity next week," he told Sky News on Sunday. "What you will see is an increase in the government's spending on day-to-day public services, and quite a significant one, coming on the increase that we had last year."
Mr Sunak will announce the heaviest public borrowing since the Second World War after Britain suffered the biggest economic crash in over 300 years.
Economists believe Britain is on course to borrow about £400 billion pounds ($531.28 billion) this year, approaching 20 per cent of its gross domestic product, or nearly double its borrowing after the global financial crisis.
Mr Sunak said the forecasts to be published alongside his spending blueprint would show the "enormous strain" that coronavirus has put on the economy and the priority for his plan would be to fight the pandemic.
On Saturday, Britain's finance ministry announced that Mr Sunak was expected to announce a one-year package worth more than £3 billion pounds ($3.98 billion) to support the state-run National Health Service as it struggles with coronavirus.
He said the government will think about restoring public finances once the Covid-19 crisis is over, and until then will focus on fighting the pandemic.
"Once we get through this crisis we need to think more about returning to a more normal path, but as of now we are able to do what we need to do and we are able to do that at an affordable cost and use those funds to support the economy and support businesses through this crisis," he told Times Radio.
Due to the second wave of the pandemic, Mr Sunak said Britons will not be able to enjoy a normal Christmas, but said the government is looking at ways to enable families to get together.
"Frustrating as it is for all of us, Christmas is not going to be normal this year," he told Sky's Sophie Ridge on Sunday.
"But that said, the Prime Minister is, for example, looking at ways to see how families can spend time with each other."
Despite the UK's Brexit negotiations being overshadowed by the pandemic, Mr Sunak said Britain hoped to strike a trade deal with the European Union.
Asked what the effect of not having a free-trade deal in place after the transition period ends on December 31, Mr Sunak said: "It's very difficult to be precise about the near-term effects.
"But I'd agree with what the Prime Minister has said, in the short-term specifically and most immediately, it would be preferable to have a deal because it would ease things in the short term.
"But the most important impact on our economy next year is not going to be from that, it's because of coronavirus."
A deal that comes into force when the Brexit transition period ends on December 31 would be “preferable,” he added.
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
Killing of Qassem Suleimani
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
Killing of Qassem Suleimani
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%3Cp%3E1.%20Protracted%20but%20less%20intense%20war%20(60%25%20likelihood)%3C%2Fp%3E%0A%3Cp%3E2.%20Negotiated%20end%20to%20the%20conflict%20(30%25)%3C%2Fp%3E%0A%3Cp%3E3.%20Russia%20seizes%20more%20territory%20(20%25)%3C%2Fp%3E%0A%3Cp%3E4.%20Ukraine%20pushes%20Russia%20back%20(10%25)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EForecast%20by%20Economist%20Intelligence%20Unit%3C%2Fem%3E%3C%2Fp%3E%0A
