UK’s Sunak to update parliament on economy on Monday

(Reuters) – British finance minister Rishi Sunak will update parliament on Monday afternoon about the economic outlook and measures taken by the government to offset the hit from the coronavirus pandemic, officials said.

Sunak will speak to parliament before another minister, Nadhim Zahawi, updates lawmakers on COVID vaccine rollout.

A spokesman for Britain’s finance ministry said Sunak would address lawmakers on “the economic situation and support being provided to the economy, businesses and families”.

Britain’s opposition Labour Party said Sunak was due to speak shortly after 1530 GMT.

Sunak has said he is on course to spending 280 billion pounds in the current financial year, taking borrowing to about 20% of gross domestic product.

Last week Sunak said he would give businesses an extra 4.6 billion pounds ($6.2 billion) in support to help them through a new coronavirus lockdown which economists expect will send Britain back into recession.

Sunak is due to announce tax and spending plans for the next financial year at his annual budget on March 3. ($1 = 0.7412 pounds)

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