austerity | Common News Update

The prime minister has pledged his government will "not go back to the austerity of 10 years ago" ahead of a speech on Tuesday.In an interview with the Mail on Sunday, Boris Johnson set out his plans for a post-lockdown economic recovery.They will include a new taskforce, led by the chancellor, which he says will look at speeding up the building of hospitals, schools and roads.The economy shrank by 20.4% in April - the largest monthly fall on record.Amid continued criticism of the way his government has handled the pandemic, the PM said ministers will be "doubling down on levelling up" - spending on infrastructure in order to "build our way back to health"."We're going to make sure that we have plans to help people whose old jobs are not there any more to...

Argentina has announced austerity measures in a bid to tackle the "emergency" created by the country's currency crisis.In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned.Taxes on exports of some grains and other products will rise and "about half" of the nation's government ministries will be abolished.The government has not said which ministries will be closed or merged.Argentina is the biggest exporter of soy meal and soy oil and is also a big producer of corn, wheat and raw soybeans.From 1 January, those primary exports will be taxed four pesos for every dollar in value. Processed products will be taxed three pesos for every dollar in value. ...

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Coronavirus: PM ‘will not return to austerity of 10 years ago’

Argentina imposes austerity measures in bid to stabilise peso