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Government borrowing was forecast to be 11.6 billion pounds lower this financial year than had been forecast at the March statement and was set to fall from 31.8 billion pounds in 2019/20 to 26.7 billion pounds in 2020/21 and to 19.8 billion pounds in 2023/24.
A heavily-trailed commitment to increase spending on the National Health Service (NHS) will include a 10-year plan for a new NHS crisis service, Hammond said. This total extra spending on the NHS across Britain was labelled as a 25 billion-pound real terms increase in spending over the length of this parliament.
Hammond also announced extra money for municipal councils, which have born heavy cuts in the era of austerity, and an extra 560 million pounds will be given to councils this financial year to help fund social care obligations.
The chancellor of the exchequer also committed to delivering a new turnover tax on digital services, targeting giants such as Facebook, Google and other social media platforms, internet marketplaces and search engines.
Military spending was cut in real terms at the beginning of the austerity era, and Hammond announced a 1 billion increase in spending for this fiscal year above spending measures previously set out.
An extra 160 million pounds will be spent on counter-terrorism funding in this fiscal year, said Hammond, an announcement which comes just after the government announced it will move responsibility for countering far-right, homegrown terrorism from the police to the internal security service, MI5. (1 pound = 1.28 U.S. dollars)
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