It also changes how the government invests in places to put levelling up at the heart of policy making, including by updating the Green Book and its application. It focuses on the outcomes of spending, not inputs it strengthens financial oversight and it takes steps to break down silos. SR20 takes steps to do things differently and drives forward the government’s reform agenda. It also supports UK exporters and enhances the promotion of the UK around the world through the new Office for Investment. SR20 also maintains a cutting-edge military and world‑class intelligence community, reaffirming the UK’s commitment to its allies and making the UK the largest European spender on defence in NATO and the second largest in the Alliance. SR20 ensures that the UK will remain a world leader in science, as well as in tackling global challenges such as Covid-19 and climate change. SR20 strengthens the UK’s place in the world, providing the resources to support the UK’s leadership in tackling the world’s toughest problems. The UK is one of the largest Official Development Assistance ( ODA) spenders in the world and has the third largest overseas diplomatic network of any nation. This investment will deliver the government’s priorities: to support a high quality, resilient healthcare system to level up education standards and provide all learners with a quality education experience to continue tackling crime to keep people safe and to support local authorities in their efforts to serve local communities.
Building on record increases announced at Spending Round 2019 ( SR19), it invests further in key public services. SR20 maintains momentum on delivering the government’s promises to the British people. This includes targeted investment to deliver a green industrial revolution, tackle climate change and support hundreds of thousands of jobs. Building on the increased investment next year, SR20 goes further to maintain momentum on key infrastructure projects with select multi-year settlements. This investment will level up opportunity across all regions of the UK to ensure that the recovery supports everyone, no matter where they live. SR20 also invests in the UK’s economic recovery, providing £100 billion of capital spending next year to kickstart growth and support jobs. SR20 provides a further £55 billion of support for the public services response to Covid-19 next year. SR20 confirms an additional £38 billion for public services to continue to fight the pandemic this year, bringing total support for public services to £113 billion in 2020-21, and total spending on the Covid-19 response this year to over £280 billion. However, providing the funding necessary to respond to the virus is the right thing to do: as the OBR set out, “the costs of inaction would certainly have been higher”. This action comes at significant fiscal cost. The International Monetary Fund ( IMF) described these steps as “one of the best examples of coordinated action globally”. Since the start of the crisis the government has taken extensive and unprecedented action to tackle the virus and mitigate these impacts across all areas of the UK. The Office for Budget Responsibility’s ( OBR’s) forecast expects GDP to shrink by 11.3 per cent in 2020 – the largest annual fall since the Great Frost of 1709.
The health emergency has been accompanied by unprecedented economic uncertainty and the deepest recession on record. The Covid-19 pandemic has caused exceptional hardship for individuals, families and businesses across the UK. This is another significant step towards achieving the government’s objective of over £600 billion of gross public investment over the next five years, reaching the highest sustained levels of public sector net investment as a proportion of GDP since the late 1970s. SR20 also provides £100 billion of capital investment next year, a £27 billion real terms increase compared to 2019-20. It sets departmental budgets for 2021-22 and devolved administrations’ block grants for the same period, confirming that core day-to-day spending – that is, before taking into account Covid-19 spending – will grow at an average of 3.8 per cent a year in real terms from 2019-20 to 2021‑22. Spending Review 2020 ( SR20) prioritises funding to support the government’s response to Covid-19, invest in the UK’s recovery and deliver on promises to the British people.
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