Akshata Murthy, the wife of UK chancellor Rishi Sunak and Infosys founder Narayan Murthy's daughter is richer than Queen Elizabeth in the UK, UK media reported.

According to an investigation by British newspaper The Guardian, Rishi Sunak failed to declare his wife Akshata Murthy's multimillion-pound assets which make her richer than Queen Elizabeth.

Akshata owns shares worth £430 million which is approximately Rs 4,200 crore, in Infosys, while the Queen's wealth is roughly £350 million which is about Rs 3,400 crore.

Rishi Sunak is under fire due to UK law which demands every minister to openly declare all their financial details as well as those of family members upon taking office.

This is done to make sure that no conflict of interest arises which ministers execute their duties.

However, a probe has found that Sunak's financial statements mention only his wife's ownership of a small UK-based venture capital firm called Catamaran Ventures.

As per updates, the Akshata Murthy’s shares in Infosys present a conflict as the company is a contractor to the UK government.&nbsp;

But the report suggested that Akshata has undeclared stakes in at least six other UK companies including a £900 million-a-year joint venture with Amazon India.

Based on the report by the newspaper, calls are being made for the UK government ethics watchdog to investigate the allegations against Sunak.

(With inputs from agencies)

Akshata Murthy, the wife of UK chancellor Rishi Sunak and Infosys founder Narayan Murthy's daughter is richer than Queen Elizabeth in the UK, UK media reported. According to an investigation by British newspaper The Guardian, Rishi Sunak failed to declare his wife Akshata Murthy's multimillion-pound assets which make her richer than Queen Elizabeth.

Akshata Murthy, the wife of UK chancellor Rishi Sunak and Infosys founder Narayan Murthy's daughter is richer than Queen Elizabeth in the UK, UK media reported. According to an investigation by British newspaper The Guardian, Rishi Sunak failed to declare his wife Akshata Murthy's multimillion-pound assets which make her richer than Queen Elizabeth. Akshata owns shares worth £430 million which is approximately Rs 4,200 crore, in Infosys, while the Queen's wealth is roughly £350 million which is about Rs 3,400 crore. Rishi Sunak is under fire due to UK law which demands every minister to openly declare all their financial details as well as those of family members upon taking office. This is done to make sure that no conflict of interest arises which ministers execute their duties. However, a probe has found that Sunak's financial statements mention only his wife's ownership of a small UK-based venture capital firm called Catamaran Ventures. As per updates, the Akshata Murthy’s shares in Infosys present a conflict as the company is a contractor to the UK government. But the report suggested that Akshata has undeclared stakes in at least six other UK companies including a £900 million-a-year joint venture with Amazon India. Based on the report by the newspaper, calls are being made for the UK government ethics watchdog to investigate the allegations against Sunak. (With inputs from agencies)

Narayan Murthy's daughter has more assets than Queen Elizabeth II

Nobel Laureate Malala Yousafzai on Wednesday, urged Britain against cutting overseas aid. UK Finance Minister Rishi Sunak is expected to make major announcement on the country's overseas aid. He is expected to suspend legal commitment to spend 0.7 per cent of gross income on international development.

As per reports, Sunak will cut the aid to 0.5 per cent as the government seeks to support the coronavirus-ravaged economy and looks for savings from an aid budget worth £15 billion ($20 billion, €17 billion).

In a tweet late on Tuesday, Yousafzai reminded Sunak and Prime Minister Boris Johnson of the 0.7 percent pledge, renewed in last year's Conservative election manifesto.

"When you announce spending priorities... I hope you'll deliver on that promise," she wrote.

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130 million girls were already out of school before <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a>. Now 20 million more might not return.<a href="https://twitter.com/BorisJohnson?ref_src=twsrc%5Etfw">@BorisJohnson</a> - a generation of girls is counting on our support. Now is not the time to back out of commitments to education. <a href="https://t.co/Kp91byysUz">https://t.co/Kp91byysUz</a>
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&nbsp;

The Pakistani education campaigner wrote that leaders must "prioritise education" as "Covid-19 could force 20 million more girls out of school".

Her plea came as five former prime ministers also opposed the planned cut.

Among them was former Conservative leader John Major, quoted by The Times newspaper on Wednesday as saying the spending cut was "morally wrong and politically unwise".

Former Labour prime minister Tony Blair said on Saturday that Britain's overseas aid budget had an impact "measured literally in millions of lives".

David Cameron, whose coalition government enshrined the 0.7 percent in law, has said abandoning it would be a "moral, strategic and political mistake".

Johnson's government has repeatedly committed to maintaining the spending and his Conservatives made it a key plank of the election manifesto last year.

The government also promised not to grab ring-fenced aid money when it merged the foreign and development ministries earlier this year.

But Sunak on Sunday told Sky News the UK was under "enormous pressure and stress" and faced an "economic shock".

Any cut -- even a temporary one -- is likely to trigger a battle with Conservative MPs.

Tom Tugendhat, who chairs parliament's Foreign Affairs Committee, wrote in The Times: "If we cut aid we'll fall behind."

He retweeted Yousafzai's message, saying the UK needs "others to join us" as other G7 nations spend less on foreign aid.

The leaders of 187 charities including Save the Children, Greenpeace UK and Christian Aid on Friday urged Johnson not to cut the aid budget.

Nobel Laureate Malala Yousafzai on Wednesday, urged Britain against cutting overseas aid. UK Finance Minister Rishi Sunak is expected to make major announcement on the country's overseas aid.

Nobel Laureate Malala Yousafzai on Wednesday, urged Britain against cutting overseas aid. UK Finance Minister Rishi Sunak is expected to make major announcement on the country's overseas aid. He is expected to suspend legal commitment to spend 0.7 per cent of gross income on international development. As per reports, Sunak will cut the aid to 0.5 per cent as the government seeks to support the coronavirus-ravaged economy and looks for savings from an aid budget worth £15 billion ($20 billion, €17 billion). In a tweet late on Tuesday, Yousafzai reminded Sunak and Prime Minister Boris Johnson of the 0.7 percent pledge, renewed in last year's Conservative election manifesto. "When you announce spending priorities... I hope you'll deliver on that promise," she wrote. 130 million girls were already out of school before #COVID19. Now 20 million more might not return.@BorisJohnson - a generation of girls is counting on our support. Now is not the time to back out of commitments to education. https://t.co/Kp91byysUz — Malala Fund (@MalalaFund) November 23, 2020 × The Pakistani education campaigner wrote that leaders must "prioritise education" as "Covid-19 could force 20 million more girls out of school". Her plea came as five former prime ministers also opposed the planned cut. Among them was former Conservative leader John Major, quoted by The Times newspaper on Wednesday as saying the spending cut was "morally wrong and politically unwise". Former Labour prime minister Tony Blair said on Saturday that Britain's overseas aid budget had an impact "measured literally in millions of lives". David Cameron, whose coalition government enshrined the 0.7 percent in law, has said abandoning it would be a "moral, strategic and political mistake". Johnson's government has repeatedly committed to maintaining the spending and his Conservatives made it a key plank of the election manifesto last year. The government also promised not to grab ring-fenced aid money when it merged the foreign and development ministries earlier this year. But Sunak on Sunday told Sky News the UK was under "enormous pressure and stress" and faced an "economic shock". Any cut -- even a temporary one -- is likely to trigger a battle with Conservative MPs. Tom Tugendhat, who chairs parliament's Foreign Affairs Committee, wrote in The Times: "If we cut aid we'll fall behind." He retweeted Yousafzai's message, saying the UK needs "others to join us" as other G7 nations spend less on foreign aid. The leaders of 187 charities including Save the Children, Greenpeace UK and Christian Aid on Friday urged Johnson not to cut the aid budget.

Don't cut overseas aid, Malala Yousafzai urges UK Finance Minister Rishi Sunak

Britain's Finance Minister Rishi Sunak on Sunday ruled out the possibility of a 'normal' Christmas as the government prepares for tighter restrictions amid worsening <a href="https://www.wionews.com/topics/coronavirus">coronavirus </a>crisis.&nbsp;

"Frustrating as it is for all of us, Christmas is not going to be normal this year," Sunak told Sky's Sophie Ridge on Sunday, as quoted by news agency Reuters.&nbsp;

Also read | <a href="https://www.wionews.com/world/eastern-europe-becomes-new-covid-19-hotspot-as-infections-surge-344570">Eastern Europe becomes new COVID-19 hotspot as infections surge</a>

"But that said, the Prime Minister is, for example, looking at ways to see how families can spend time with each other."

Also read | <a href="https://www.wionews.com/world/us-hits-12-million-covid-19-cases-as-many-americans-defy-thanksgiving-travel-guidance-344596">US hits 12 million COVID-19 cases as many Americans defy Thanksgiving travel guidance</a>

Sunak's comments came after the government affirmed that there will be a tougher set of restrictions after the current lockdown ends on December 2.&nbsp;

Prime Minister Boris Johnson is expected to discuss the plan with the MPs on Monday.

The British prime minister cannot expect an easy approval of tighter measures as 70 conservative MPs have said they would not back a new set of rules until they see cost-benefit analysis.&nbsp;

Downing Streets has said more areas will be placed under tighter restrictions to contain the spread of the virus.&nbsp;

Various media reports, however, suggest that these measures could be temporarily relaxed over Christmas.&nbsp;

As per the official figures, there are 54,626 deaths and 1,493,383 coronavirus cases in the UK.&nbsp;

Britain's Finance Minister Rishi Sunak on Sunday ruled out the possibility of a 'normal' Christmas as the government prepares for tighter restrictions amid worsening coronavirus crisis.

Britain's Finance Minister Rishi Sunak on Sunday ruled out the possibility of a 'normal' Christmas as the government prepares for tighter restrictions amid worsening coronavirus crisis. "Frustrating as it is for all of us, Christmas is not going to be normal this year," Sunak told Sky's Sophie Ridge on Sunday, as quoted by news agency Reuters. Also read | Eastern Europe becomes new COVID-19 hotspot as infections surge "But that said, the Prime Minister is, for example, looking at ways to see how families can spend time with each other." Also read | US hits 12 million COVID-19 cases as many Americans defy Thanksgiving travel guidance Sunak's comments came after the government affirmed that there will be a tougher set of restrictions after the current lockdown ends on December 2. Prime Minister Boris Johnson is expected to discuss the plan with the MPs on Monday. The British prime minister cannot expect an easy approval of tighter measures as 70 conservative MPs have said they would not back a new set of rules until they see cost-benefit analysis. Downing Streets has said more areas will be placed under tighter restrictions to contain the spread of the virus. Various media reports, however, suggest that these measures could be temporarily relaxed over Christmas. As per the official figures, there are 54,626 deaths and 1,493,383 coronavirus cases in the UK.

No 'normal' Christmas this year, says Britain's Finance Minister Rishi Sunak

A pub in the United Kingdom has banned the&nbsp;UK Chancellor Rishi Sunak for life as retaliation for voting against free school meals for children of the country.

The Mill pub and its connected Il Mulino restaurant at Stokesley in North Yorkshire took to social media platform Facebook to express their sadness and anger towards Sunak's decision.

"The Government voted against extending free school meals. This is disgusting! What’s worse Matt Vickers MP Simon Clarke MP &amp; Jacob Young - MP for Redcar &amp; Cleveland &nbsp;Rishi Sunak all voted against the scheme. DISGUSTING! ," the post read.

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He further announced a ban on the four politicians saying, "All 4 are now barred from The Mill &amp; Il Mulino for life. I don’t want their business."

The statement came after Rishi Sunak voted against&nbsp;extending the government's temporary free meals for schoolchildren as part of a campaign led by England team footballer Marcus Rashford — a decision that was highly criticised across the country.

"Shame on our government, this is so wrong!," the post reads.

Mill's Facebook post has been shared more than 11,000 times (and counting) with more than 530 comments supporting the team's decision.

To add on to the movement, the owner also announced that he will be delivering at least 100 freshly cooked hot meals to three food banks to help locals amid a pandemic.

"Tuesday, Wednesday &amp; Thursday next week I will deliver 100 freshly cooked healthy meals to 3 separate food banks in the Middlesbrough area," the post read.

He also criticised the government for mishandling the COVID-19 pandemic that has claimed thousands of lives in the country, pushing the UK into a second lockdown.

"I have never known a Government which is consistently the wrong end of every argument.&nbsp;Forget the poor handling of Covid for a minute and concentrate on what happend yesterday," he said.

He also attached a copy The Mill's subsidised menu from the&nbsp;House of Commons saying, "You know who is subsiding it? YOU!"

A pub in the United Kingdom has banned the UK Chancellor Rishi Sunak for life as retaliation for voting against free school meals for children of the country. The Mill pub and its connected Il Mulino restaurant at Stokesley in North Yorkshire took to social media platform Facebook to express their sadness and anger towards Sunak's decision.

A pub in the United Kingdom has banned the UK Chancellor Rishi Sunak for life as retaliation for voting against free school meals for children of the country. The Mill pub and its connected Il Mulino restaurant at Stokesley in North Yorkshire took to social media platform Facebook to express their sadness and anger towards Sunak's decision. "The Government voted against extending free school meals. This is disgusting! What’s worse Matt Vickers MP Simon Clarke MP & Jacob Young - MP for Redcar & Cleveland Rishi Sunak all voted against the scheme. DISGUSTING! ," the post read. Don’t usually do politics but here goes.... I have never known a Government which is consistently the wrong end of... Posted by The Mill on Friday, October 23, 2020 × He further announced a ban on the four politicians saying, "All 4 are now barred from The Mill & Il Mulino for life. I don’t want their business." The statement came after Rishi Sunak voted against extending the government's temporary free meals for schoolchildren as part of a campaign led by England team footballer Marcus Rashford — a decision that was highly criticised across the country. "Shame on our government, this is so wrong!," the post reads. Mill's Facebook post has been shared more than 11,000 times (and counting) with more than 530 comments supporting the team's decision. To add on to the movement, the owner also announced that he will be delivering at least 100 freshly cooked hot meals to three food banks to help locals amid a pandemic. "Tuesday, Wednesday & Thursday next week I will deliver 100 freshly cooked healthy meals to 3 separate food banks in the Middlesbrough area," the post read. He also criticised the government for mishandling the COVID-19 pandemic that has claimed thousands of lives in the country, pushing the UK into a second lockdown. "I have never known a Government which is consistently the wrong end of every argument. Forget the poor handling of Covid for a minute and concentrate on what happend yesterday," he said. He also attached a copy The Mill's subsidised menu from the House of Commons saying, "You know who is subsiding it? YOU!"

UK pub bans Rishi Sunak for life after he voted against free school meals

Finance minister Rishi Sunak welcomed the figures but added that people were rightly worried about the coming months.

UK economy grew 6.6% in July as lockdowns eased

Finance minister Rishi Sunak has rejected calls to extend his huge Coronavirus Job Retention Scheme beyond Oct. 31.

UK services firms report heavy job cuts

British finance minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google because it does not raise much money and could hurt a push for a US trade deal, the Mail on Sunday newspaper said.

Britain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, many of which are US&nbsp;companies.

The tax is expected to raise about 500 million pounds ($654 million) a year for Britain's public finances.

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That represents only a fraction of the 200 billion pounds in extra debt the country has racked up since the start of the COVID-19 pandemic.

The tax is also a potential impediment to a post-Brexit bilateral trade deal between Britain and the United States. 
France and other countries have adopted or are considering similar taxes.

No one was immediately available for comment at Britain's finance ministry.

The Mail on Sunday quoted a finance ministry representative as saying: "We've been clear it's a temporary tax that will be removed once an appropriate global solution is in place, and we continue to work with our international partners to reach that goal."

British finance minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google because it does not raise much money and could hurt a push for a US trade deal, the Mail on Sunday newspaper said.

British finance minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google because it does not raise much money and could hurt a push for a US trade deal, the Mail on Sunday newspaper said. Britain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, many of which are US companies. The tax is expected to raise about 500 million pounds ($654 million) a year for Britain's public finances. × That represents only a fraction of the 200 billion pounds in extra debt the country has racked up since the start of the COVID-19 pandemic. The tax is also a potential impediment to a post-Brexit bilateral trade deal between Britain and the United States. France and other countries have adopted or are considering similar taxes. No one was immediately available for comment at Britain's finance ministry. The Mail on Sunday quoted a finance ministry representative as saying: "We've been clear it's a temporary tax that will be removed once an appropriate global solution is in place, and we continue to work with our international partners to reach that goal."

UK plans to drop 'Facebook tax': local media

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.

Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said.

Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness.

Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October.

<a href="https://www.wionews.com/world/boris-johnson-to-ask-schools-to-reopen-by-september-reports-319158">Also read|&nbsp;Boris Johnson to ask schools to reopen by September: Reports</a>

“The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics.

British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable.

“I’ve always been clear that we can’t protect every job, but ... we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said.

The unemployment rate unexpectedly held at 3.9 per cent but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay.

<a href="https://www.wionews.com/videos/uk-pm-boris-johnson-announces-additional-funding-for-nhs-314088">Also watch|&nbsp;UK PM Boris Johnson announces additional funding for NHS</a>

Economists polled by Reuters had expected the unemployment rate to rise to 4.2 per cent. Last week the Bank of England forecast the jobless rate would hit 7.5 per cent at the end of this year.

“Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said.

The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose - something the ONS said was partly accounted for by workers reclassifying themselves as employed.

The number of people claiming universal credit - a benefit for the unemployed and those on low pay - rose to 2.689 million in July, leaping by 117 per cent from March.

Pay fell by the most in more than 10 years in the April-June period, down 1.2 per cent, reflecting how workers on the job retention scheme receive 80 per cent of their pay. Excluding bonuses, pay fell for the first time since records began in 2001.

However, there was a small increase in job vacancies in the three months to July.

“The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place. Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said. Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness. Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October. Also read| Boris Johnson to ask schools to reopen by September: Reports “The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics. British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable. “I’ve always been clear that we can’t protect every job, but ... we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said. The unemployment rate unexpectedly held at 3.9 per cent but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay. Also watch| UK PM Boris Johnson announces additional funding for NHS Economists polled by Reuters had expected the unemployment rate to rise to 4.2 per cent. Last week the Bank of England forecast the jobless rate would hit 7.5 per cent at the end of this year. “Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said. The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose - something the ONS said was partly accounted for by workers reclassifying themselves as employed. The number of people claiming universal credit - a benefit for the unemployed and those on low pay - rose to 2.689 million in July, leaping by 117 per cent from March. Pay fell by the most in more than 10 years in the April-June period, down 1.2 per cent, reflecting how workers on the job retention scheme receive 80 per cent of their pay. Excluding bonuses, pay fell for the first time since records began in 2001. However, there was a small increase in job vacancies in the three months to July. “The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

UK suffers biggest job losses since 2009 as COVID hits

Britain's finance minister Rishi Sunak is preparing to introduce sweeping tax cuts and an overhaul of planning laws in up to 10 new “freeports” on the road of the UK becoming fully independent from the European Union in December.

The Sunday Telegraph said the changes will be introduced within a year.

Sunak will open the bidding for towns, cities and regions to become freeports, which would place them outside UK customs territory, in his autumn budget later this year.

The reforms include research and development tax credits, generous capital allowances, cuts to stamp duty house-purchase tax and business rates, and local relaxations of planning laws.

The successful bidders designated as freeports will ultimately be legally outside UK customs territory, with goods imported, manufactured or re-exported without incurring national tariffs or import VAT until they enter the rest of the economy.

The paper said the government believes the policy can transform ports into international hubs for manufacturing and innovation, with the economic and regulatory incentives designed to encourage firms to establish new factories and processing sites in the areas.

Britain's finance minister Rishi Sunak is preparing to introduce sweeping tax cuts and an overhaul of planning laws in up to 10 new “freeports” on the road of the UK becoming fully independent from the European Union in December.

Britain's finance minister Rishi Sunak is preparing to introduce sweeping tax cuts and an overhaul of planning laws in up to 10 new “freeports” on the road of the UK becoming fully independent from the European Union in December. The Sunday Telegraph said the changes will be introduced within a year. Sunak will open the bidding for towns, cities and regions to become freeports, which would place them outside UK customs territory, in his autumn budget later this year. The reforms include research and development tax credits, generous capital allowances, cuts to stamp duty house-purchase tax and business rates, and local relaxations of planning laws. The successful bidders designated as freeports will ultimately be legally outside UK customs territory, with goods imported, manufactured or re-exported without incurring national tariffs or import VAT until they enter the rest of the economy. The paper said the government believes the policy can transform ports into international hubs for manufacturing and innovation, with the economic and regulatory incentives designed to encourage firms to establish new factories and processing sites in the areas.

'Freeports,' tax cuts: UK's road to becoming fully independent from EU

On Wednesday, the Chancellor of the Exchequer announced 30 billion pounds ($37.5 billion) of tax cuts and extra spending to support the U.K. as it emerges from the coronavirus pandemic.

UK Govt unveils fresh Euro 30 Billion package to save jobs

British finance minister Rishi Sunak turned his hand to waiting tables at a central London eatery on Wednesday (July 8), shortly after he launched a $625 million "Eat out to help out" discount scheme to boost spending at restaurants, cafes and pubs that have been crippled by COVID-19.

"Eat out to help out" - UK offers diners some tasty morsels

After months&nbsp;of&nbsp;lockdown, the UK economy has reopened and the locals are hoping that the British government will be able to bring the country out of the stagnancy and the downward spiral of the economy.

British Finance Minister Rishi Sunak is urging people to 'eat out to help out'. He feels this will help the economy by generating revenue and more jobs.

To encourage people to dine out, the British government has announced a new dining discount plan that will give people a 50 per cent discount at participating restaurants, cafes and pubs between Monday and Wednesday up to a maximum £10 per person in the month of August.

<a href="https://www.wionews.com/world/united-kingdom-lodges-more-cases-of-child-sexual-abuse-during-lockdown-311679">Also read:&nbsp;United Kingdom lodges more cases of child sexual abuse during lockdown</a>

In addition to this, Sunak has assured people that he will do everything he can to bring the economy out of the downward spiral by October.&nbsp;

The UK has not seen a sharp increase in the unemployment rate, when compared to other countries. The main reason behind this has been the British government's 'Job Retention Scheme', whereby the government has been paying the majority of the salaries of workers who were not fired.

<a href="https://www.wionews.com/videos/uk-car-sales-post-smaller-slump-in-june-311280">Also watch:&nbsp;UK car sales post smaller slump in June</a>

As per the reports, nearly 1.1 million employers have taken advantage of the program, which has costed the government nearly £27.4 billion ($35 billion).

Now the British government will be&nbsp;introducing a new program under which the government will pay the companies&nbsp;£1,000 bonus for hiring back each employee who was furloughed. This can cost the government an additional&nbsp;£9.4 billion.

The government is hoping to protect as well as generate as many jobs as possible&nbsp;during the recession. "People need to know that although hardship lies ahead, no-one will be left without hope," he told the lawmakers.

"Leaving the furlough scheme open forever gives people false hope that it will always be possible to return to the jobs they had before," he said. "The longer people are on furlough, the more likely it is their skills could fade, and they will find it harder to get new opportunities."&nbsp;

Sunak is hoping these programs and discounts will help the UK economy out of recession, after it shrank 25 per cent. Many economists think unemployment could more than double to over 3 million this year, to levels last seen in the 1980s.

(With inputs from agencies)

After months of lockdown, the UK economy has reopened and the locals are hoping that the British government will be able to bring the country out of the stagnancy and the downward spiral of the economy.

After months of lockdown, the UK economy has reopened and the locals are hoping that the British government will be able to bring the country out of the stagnancy and the downward spiral of the economy. British Finance Minister Rishi Sunak is urging people to 'eat out to help out'. He feels this will help the economy by generating revenue and more jobs. To encourage people to dine out, the British government has announced a new dining discount plan that will give people a 50 per cent discount at participating restaurants, cafes and pubs between Monday and Wednesday up to a maximum £10 per person in the month of August. Also read: United Kingdom lodges more cases of child sexual abuse during lockdown In addition to this, Sunak has assured people that he will do everything he can to bring the economy out of the downward spiral by October. The UK has not seen a sharp increase in the unemployment rate, when compared to other countries. The main reason behind this has been the British government's 'Job Retention Scheme', whereby the government has been paying the majority of the salaries of workers who were not fired. Also watch: UK car sales post smaller slump in June As per the reports, nearly 1.1 million employers have taken advantage of the program, which has costed the government nearly £27.4 billion ($35 billion). Now the British government will be introducing a new program under which the government will pay the companies £1,000 bonus for hiring back each employee who was furloughed. This can cost the government an additional £9.4 billion. The government is hoping to protect as well as generate as many jobs as possible during the recession. "People need to know that although hardship lies ahead, no-one will be left without hope," he told the lawmakers. "Leaving the furlough scheme open forever gives people false hope that it will always be possible to return to the jobs they had before," he said. "The longer people are on furlough, the more likely it is their skills could fade, and they will find it harder to get new opportunities." Sunak is hoping these programs and discounts will help the UK economy out of recession, after it shrank 25 per cent. Many economists think unemployment could more than double to over 3 million this year, to levels last seen in the 1980s. (With inputs from agencies)

Take-away and 'job retention scheme' to save the UK economy

UK Chancellor Rishi Sunak today spoke out about the racist abuse he faced as a child growing up in Britain, but stressed that the country has made enormous progress over time.

UK Chancellor Rishi Sunak today spoke out about the racist abuse he faced as a child growing up in Britain, but stressed that the country has made enormous progress over time. The Indian-origin finance minister said that the abuse felt far worse when it occurred in the presence of his younger siblings, as he was asked to comment on another set of far-right and anti-racism protests in London over the weekend. "It's the sort of thing that's happening on your own it's difficult enough but when I had my younger brother and sister with me at the time it was particularly upsetting; I wanted to protect them from it," he told Sky News, when asked about his experience of racist abuse. "They may just be words, but they sting in a way that other things don't.... There is something about that [racist abuse] that cuts to your core," he said. The minister stressed that violent clashes, of the kind seen during some protests in London on Saturday, were "both shocking and disgusting" and those responsible should face tough legal consequences. He said: "This has always been an open, and tolerant country and what we saw yesterday was not that. There will always be a small minority who maintain prejudice, and indeed are racist, but that is not overall the description I would ascribe to our country. "I think there's been enormous progress that our country and our society has made if I think back to the time when my grandparents first arrived, when I was growing up." Sunak, who is leading the UK's economic response to the coronavirus pandemic, went on to encourage people to support the reopening of the country's high streets from Monday when non-essential retail stores are allowed to reopen under Covid-secure conditions. The minister indicated that the government was reviewing the current two-metre social distance norm in order to assist businesses further. "People need to have the confidence that it's safe... and I can give that assurance," he said, in reference to the next phase of the easing of the UK's lockdown from Monday. "The PM has put in place a comprehensive review of the two-metre rule. We keep everything under review... I can very much understand the positive impact it will have on businesses in being able to open," he said. The senior cabinet minister once again admitted "hardship" in-store as steps unfold towards restarting the economy after months of lockdown imposed in the wake of the deadly virus, which has claimed over 41,000 lives in the UK.

Rishi Sunak speaks out on racism he faced as a child growing up in UK

Rishi Sunak, finance minister of the United Kingdom, has said that the country will urgently look into its&nbsp;two-metre social distancing rule.

Sunak has announced this in an interview with a news channel. The review is being planned after many employers voiced their concerns and said it was hard for them to get their businesses back on track due to the present rules.

"The prime minister has put in place a comprehensive review of the two-metre rule. That review will involve the scientists, economists and others," he said, adding that safety would not be put at risk by any changes.

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Talking about the economic slowdown of the country, he said, "We have always known that was going to happen, but now the numbers are starting to show that."

As per the latest reports, UK's economy shrank by a quarter over March and April. However, Sunak believes that the slowdown will prove out to be temporary, and the reopening of retail sector this week will help revive the economy.

If the distance is reduced from two metre, it will allow&nbsp;three quarters of pubs to reopen, rather than about one third.

The country has seen a decline in the number of cases, following which the government has reopened the economy in phases.

He also said the&nbsp; government is looking for options against the two-week quarantine rule for all visitors, and may come up with an alternate to the rule that was met with criticism from the aviation industry.

"We all want to see travel open again, of course we do, and like everything else we want to make sure we have the right measures at the right time informed by the science and everything else that we have to consider," Sunak said in an interview with a news channel.

"We are looking at all options to ensure that that is possible and people have got suggestions about how we might be able to open up some travel corridors over time and so the transport secretary is actively looking at all of those options," he continued.

(With inputs from Reuters)

Rishi Sunak, finance minister of the United Kingdom, has said that the country will urgently look into its two-metre social distancing rule. Sunak has announced this in an interview with a news channel.

Rishi Sunak, finance minister of the United Kingdom, has said that the country will urgently look into its two-metre social distancing rule. Sunak has announced this in an interview with a news channel. The review is being planned after many employers voiced their concerns and said it was hard for them to get their businesses back on track due to the present rules. "The prime minister has put in place a comprehensive review of the two-metre rule. That review will involve the scientists, economists and others," he said, adding that safety would not be put at risk by any changes. Have a look: A scaled-down ceremony at Windsor marks Queen Elizabeth II's 94th birthday Talking about the economic slowdown of the country, he said, "We have always known that was going to happen, but now the numbers are starting to show that." As per the latest reports, UK's economy shrank by a quarter over March and April. However, Sunak believes that the slowdown will prove out to be temporary, and the reopening of retail sector this week will help revive the economy. If the distance is reduced from two metre, it will allow three quarters of pubs to reopen, rather than about one third. The country has seen a decline in the number of cases, following which the government has reopened the economy in phases. He also said the government is looking for options against the two-week quarantine rule for all visitors, and may come up with an alternate to the rule that was met with criticism from the aviation industry. "We all want to see travel open again, of course we do, and like everything else we want to make sure we have the right measures at the right time informed by the science and everything else that we have to consider," Sunak said in an interview with a news channel. "We are looking at all options to ensure that that is possible and people have got suggestions about how we might be able to open up some travel corridors over time and so the transport secretary is actively looking at all of those options," he continued. (With inputs from Reuters)

UK Finance Minister hints towards review of distancing rule

THe United Kingdom, which has gone through a major economic crisis due to coronavirus, has asked employers to cover 20-30 per cent of furloughed employees' wages from August.

This step has been taken to reduce the burden of the economic crisis on the government finances.

<a href="https://www.wionews.com/world/uk-to-introduce-quarantine-for-international-arrivals-from-june-8-300503">Also read:&nbsp;UK to introduce quarantine for international arrivals from June 8</a>

"The Treasury has drawn up plans that would require employers to cover between 20 and 30 per cent of people’s wages. They would also be required to cover the cost of employer’s national insurance contributions, on average 5 per cent of wages," as reported by media.

The UK is struggling with an economic crisis and the finance minister, Rishi Sunak, stated last week that the country has been badly hit by the nationwide lockdown, and a lot of people may lose their jobs in the coming weeks, or months.

<a href="https://www.wionews.com/videos/united-kingdom-to-reduce-chinese-firms-investment-to-zero-by-2023-300559">Also watch:&nbsp;United Kingdom to reduce Chinese firm's investment to zero by 2023</a>

The government had&nbsp;also decided to extend the job retention scheme by four months on May 12, but told employers they would have to help to meet its cost from August.

Rishi Sunak is expected to announce the changes next week.

While the country is battling the economic crisis, the government is also urging locals not to step out of the house if not necessary, and to make sure they follow social distancing and other take other precautions, to help the government contain the spread of the virus.

There are almost 254,000 total cases in the UK right now, including 36,393 deaths.

THe United Kingdom, which has gone through a major economic crisis due to coronavirus, has asked employers to cover 20-30 per cent of furloughed employees' wages from August.

THe United Kingdom, which has gone through a major economic crisis due to coronavirus, has asked employers to cover 20-30 per cent of furloughed employees' wages from August. This step has been taken to reduce the burden of the economic crisis on the government finances. Also read: UK to introduce quarantine for international arrivals from June 8 "The Treasury has drawn up plans that would require employers to cover between 20 and 30 per cent of people’s wages. They would also be required to cover the cost of employer’s national insurance contributions, on average 5 per cent of wages," as reported by media. The UK is struggling with an economic crisis and the finance minister, Rishi Sunak, stated last week that the country has been badly hit by the nationwide lockdown, and a lot of people may lose their jobs in the coming weeks, or months. Also watch: United Kingdom to reduce Chinese firm's investment to zero by 2023 The government had also decided to extend the job retention scheme by four months on May 12, but told employers they would have to help to meet its cost from August. Rishi Sunak is expected to announce the changes next week. While the country is battling the economic crisis, the government is also urging locals not to step out of the house if not necessary, and to make sure they follow social distancing and other take other precautions, to help the government contain the spread of the virus. There are almost 254,000 total cases in the UK right now, including 36,393 deaths.

Employers to cover between 20-30% of furloughed employees' wages: UK

Britain's government will pay a massive share of private sector wage bills to discourage bosses from firing staff as it resorts to war-time levels of borrowing to prop up the economy during its coronavirus shutdown.

Britain's government will pay a massive share of private sector wage bills to discourage bosses from firing staff as it resorts to war-time levels of borrowing to prop up the economy during its coronavirus shutdown. "Today I can announce that for the first time in our history the government is going to step in and help to pay people's wages," finance minister Rishi Sunak said on Friday. There was no limit on the size of the plan which the government will fund by selling more debt, as it will for other measures worth tens of billions of pounds rushed out over the past 10 days. Sunak also allowed businesses to hold on to 30 billion pounds ($35 billion) of value-added tax (VAT), which they would normally pass on to tax authorities. "Combined with our previous announcements on public services and business support, our planned economic response will be one of the most comprehensive in the world," Sunak told reporters. Moments earlier, Prime Minister Boris Johnson ordered the closure of pubs, restaurants, gyms and other businesses from Friday to slow the spread of the virus. Sterling lost about a cent against the U.S. dollar and the euro as Johnson announced the shutdown and Sunak set out measures to mitigate its impact. The centrepiece of Britain's coronavirus crisis plan is a new grant covering 80% of workers' salaries - up to a maximum of 2,500 pounds ($2,930) a month each - if firms kept them on. "The truth is we are already seeing job losses and there may be more to come," Sunak said. "I cannot promise you that no one will face hardship in the weeks ahead." The package of measures rushed out by the government this month could push Britain's budget deficit back to 10% of gross domestic product, its peak after the global financial crisis, JP Morgan economist Allan Monks said. "A war-time style temporary surge in borrowing is in prospect," said Martin Beck, at Oxford Economics. On Thursday, the Bank of England announced a 200 billion-pound increase in its bond-buying programme as well as a cut in interest rates to a new all-time low of 0.1%. Need for speed Sunak, a 39 year-old former Goldman Sachs analyst who has been in the job for just over a month, said the wages support system would be up and running by the end of April, run for at least three months and be backdated to March 1. Other measures included an extra 7 billion pounds for the welfare system. The plan was welcomed by Britain's biggest trade union, underscoring how the crisis has forced the ruling Conservative Party to abandon its traditional market-led instincts and put the state at the centre of the economy, at least for now. "People concerned about their jobs and livelihoods will feel hugely reassured today that the chancellor has acted swiftly," said Dave Prentis, general secretary of UNISON. Adam Marshall, director general of the British Chambers of Commerce, urged the government "to go foot-to-floor" to help firms as soon as possible. Sunak said a new loan programme for small firms he announced this week would be running by Monday when further measures for the sector would be announced. The loans will be available for 12 months, twice as long as previously planned. Deutsche Bank said earlier on Friday that Britain's economy was set to shrink by 4% in 2020 and the unemployment rate could more than double to over 8%. If the crisis proved deeper than thought, the economy could shrink by 6% for its worst recession in a century. Other countries are also scrambling to temper the impact of the their clamp-downs to slow the spread of coronavirus. In the United States, the Trump administration and Congress are negotiating a $1 trillion-plus package including sending checks of up to $1,200 to individuals, help for small firms and their staff and support for the health system.

UK state to pay workers' wages to stem coronavirus layoffs

Within a month of taking charge as UK's Finance Minister, Rishi Sunak has presented a Budget which is winning him praises across party lines. Here's a report on the rise of this Indian-origin lawmaker in Britain.

Gravitas: Indian origin Minister presents UK's 1st post Brexit Budget

The entire internet was left baffled when British Chancellor Rishi Sunak's budget briefcase appeared to drastically change colours on live television. The magical change in colour -- from red to green -- was captured by SkyNews on Monday as Sunak was walking along the pavement carrying the folder in his right hand.

The Tory Cabinet Minister had prepared for his first Budget speech in the job promising an action plan on coronavirus.

In a very filmy turn of events, as Sunak strolled past a parked car, the red folder -- he was originally carrying -- was obscured from view for a few moments. And as he emerged from the other side of the car, the folder had magically changed colour to green.

The TV clip sent the internet in a frenzy -- with people trying to decipher the change in colour. The most likely theory that emerged has something to do with the TV camera. People said it might have been set to "green screen" blocks of colour.

There was a horde of interesting tweets.

Owen Jones tweeted: "Unless someone can convincingly explain why his folder suddenly changes colour, none of us will ever truly be at peace."

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Unless someone can convincingly explain why his folder suddenly changes colour, none of us will ever truly be at peace <a href="https://t.co/jDTLTFOMu8">pic.twitter.com/jDTLTFOMu8</a>
— Owen Jones🌹 (@OwenJones84) <a href="https://twitter.com/OwenJones84/status/1237690922332237825?ref_src=twsrc%5Etfw">March 11, 2020</a></blockquote>
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&nbsp;

Dr Jennifer Cassidy said: "As #Budget2020 is upon us, is it strange that I'm extremely preoccupied with the Chancellor Rishi Sunak magically changing folder colour. Watch closely."

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As <a href="https://twitter.com/hashtag/Budget2020?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2020</a> is upon us, is it strange that I’m extremely preoccupied with the Chancellors Rishi Sunak magically changing folder colour. Watch closely. <a href="https://t.co/kDDkivasg5">pic.twitter.com/kDDkivasg5</a>
— Dr. Jennifer Cassidy (@OxfordDiplomat) <a href="https://twitter.com/OxfordDiplomat/status/1237652223892611072?ref_src=twsrc%5Etfw">March 11, 2020</a></blockquote>
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&nbsp;

There were other reactions as well.

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Well this is bizarre.
— Helene von Bismarck (@HeleneBismarck) <a href="https://twitter.com/HeleneBismarck/status/1237656700657819649?ref_src=twsrc%5Etfw">March 11, 2020</a></blockquote>
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&nbsp;

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Witchcraft! Avert your eyes children!
— rhodri phillips (@rhodriphillips6) <a href="https://twitter.com/rhodriphillips6/status/1237655291279400960?ref_src=twsrc%5Etfw">March 11, 2020</a></blockquote>
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&nbsp;

The entire internet was left baffled when British Chancellor Rishi Sunak's budget briefcase appeared to drastically change colours on live television. The magical change in colour -- from red to green -- was captured by SkyNews on Monday as Sunak was walking along the pavement carrying the folder in his right hand.

The entire internet was left baffled when British Chancellor Rishi Sunak's budget briefcase appeared to drastically change colours on live television. The magical change in colour -- from red to green -- was captured by SkyNews on Monday as Sunak was walking along the pavement carrying the folder in his right hand. The Tory Cabinet Minister had prepared for his first Budget speech in the job promising an action plan on coronavirus. In a very filmy turn of events, as Sunak strolled past a parked car, the red folder -- he was originally carrying -- was obscured from view for a few moments. And as he emerged from the other side of the car, the folder had magically changed colour to green. The TV clip sent the internet in a frenzy -- with people trying to decipher the change in colour. The most likely theory that emerged has something to do with the TV camera. People said it might have been set to "green screen" blocks of colour. There was a horde of interesting tweets. Owen Jones tweeted: "Unless someone can convincingly explain why his folder suddenly changes colour, none of us will ever truly be at peace." Unless someone can convincingly explain why his folder suddenly changes colour, none of us will ever truly be at peace pic.twitter.com/jDTLTFOMu8 — Owen Jones🌹 (@OwenJones84) March 11, 2020 × Dr Jennifer Cassidy said: "As #Budget2020 is upon us, is it strange that I'm extremely preoccupied with the Chancellor Rishi Sunak magically changing folder colour. Watch closely." As #Budget2020 is upon us, is it strange that I’m extremely preoccupied with the Chancellors Rishi Sunak magically changing folder colour. Watch closely. pic.twitter.com/kDDkivasg5 — Dr. Jennifer Cassidy (@OxfordDiplomat) March 11, 2020 × There were other reactions as well. Well this is bizarre. — Helene von Bismarck (@HeleneBismarck) March 11, 2020 × Witchcraft! Avert your eyes children! — rhodri phillips (@rhodriphillips6) March 11, 2020 ×

Rishi Sunak's budget briefcase just changed colour on live television. And internet is baffled

Rishi Sunak's first budget since becoming Britain's finance minister was packed with big spending announcements on Wednesday, but overshadowed by the coronavirus outbreak.

Rishi Sunak's first budget since becoming Britain's finance minister was packed with big spending announcements on Wednesday, but overshadowed by the coronavirus outbreak. The measures will be paid for by an increase in borrowing, and a previously announced decision to cancel a planned decrease in corporation tax. Here are the main points from the chancellor of the Exchequer's inaugural announcement: Coronavirus Sunak promised "the most comprehensive economic response of any government anywhere in the world to date" to address the impact of coronavirus. He pledged £7 billion in support for the self-employed and businesses, including an extension of statutory sick pay, amid government warnings that one in five employees could be off work at the peak of the outbreak. There is also a £5 billion "emergency response fund" for the state-run National Health Service (NHS) and other public services. This is in addition to £18 billion in spending on public services and infrastructure "to support the economy this year", as it prepares for life outside the European Union. "I am announcing today, in total, a £30-billion ($39-billion, 34.4-billion euros) fiscal stimulus to support British people, British jobs and British businesses through this moment," Sunak said. "If further action is needed, as the situation evolves... I will not hesitate to act." Brexit The budget is the first since Brexit, which took place on January 31, although Britain is in a transition phase until the end of the year. Sunak, who only took over last month after predecessor Sajid Javid quit in protest over Prime Minister Boris Johnson's demands on the treasury, said that "billions of pounds we would have sent to the EU can now be spent on our priorities". He announced that a so-called "tampon tax", a totemic issue for some Brexiteers, would be abolished now that Britain no longer had to abide by EU rules. But the independent Office for Budget Responsibility said the economic effects of Brexit had already hit the economy since Britons voted to leave the bloc in 2016. Potential economic output had been cut by about two percent, relative to what would have happened if they voted to stay in the EU, the office said. It blamed the loss in part on lower levels of net migration. But it also said there was "weaker productivity growth on the back of depressed business investment and the diversion of resources from production" to Brexit preparations. The OBR also warned that the government's plans for a free trade agreement with the EU could see a loss of around four percent of potential GDP over 15 years. Infrastructure Johnson won a thumping majority in December's general election promising huge spending on infrastructure, and Sunak's budget spelled out the scale of the plans. He promised £600 billion for infrastructure projects, leading the OBR to call it the "largest planned sustained giveaway at any fiscal event since Norman Lamont's ill-fated pre-election budget in 1992". The OBR said the funding, which includes cash injections for roads, railways, broadband and research and development, could contribute to an extra five percent on the national debt by 2025. Health Service Sunak promised an extra £6 billion boost for the NHS over the next five years, to help start work on 40 new hospitals and fund 50,000 more nurses. The surcharge levied on immigrants using the service will be increased to £620. 'Sin taxes' Duties on spirits, beer, wine and cider have all been frozen for only the second time in almost 20 years. Fuel duty will also remain unchanged. Environment Sunak announced a levy of £200 per tonne on manufacturers and importers of packaging that is less than 30 percent recycled plastic, to be introduced from April 2022. He will also abolish a diesel tax relief scheme for most industrial sectors and spend £500 million to expand the network of charging hubs for electric cars.

Main points of UK budget dominated by coronovirus

Britain's Chancellor of the Exchequer Rishi Sunak presented the red Budget Box outside of 11 Downing Street. Sunak has pledged £30bn of spending to fight the coronavirus outbreak.

Your Story: Rishi Sunak presents his first budget, Unveils £30bn plan to fight coronavirus

British finance minister Rishi Sunak, under pressure to fund the fight against the coronavirus and meet election promises in this week's budget, has said he is looking at possible changes to rules which could allow him to spend more.

Sunak told the Sunday Telegraph newspaper he was studying "with interest" proposals to reclassify some government spending as an investment as he puts the finishing touches Britain's first post-Brexit budget on Wednesday.

Such a change would give him more room for manoeuvre with spending on public services, including on health.

Wednesday's budget was originally billed as a chance for Prime Minister Boris Johnson, fresh from December's election triumph, to begin to meet his promise to "level up" Britain's struggling regions.

Also read:&nbsp;<a href="https://www.wionews.com/world/uk-to-consider-opposition-to-digital-tax-in-pursuit-of-us-trade-deal-283837">UK to consider opposition to digital tax in pursuit of US trade deal</a>

But the focus on the spread of the coronavirus means it will delay announcing full details of its plans for new railways, roads and other infrastructure investment.

In interviews on Sunday, Sunak repeatedly declined to confirm that he would stick with the fiscal rules set by his predecessor Sajid Javid who came under pressure from Johnson's advisors to spend more.

But the 39-year-old former Goldman Sachs banker who has been in his job for less than a month said he was not about to abandon the discipline of previous Conservative Party finance ministers whose tight grip on spending slashed Britain's budget deficit since the global financial crisis.

"That means I can sit here today and say I will invest what it takes to get us through this," he told BBC television, referring to the coronavirus outbreak.

Also see:&nbsp;<a href="https://www.wionews.com/world/coronavirus-infects-100000-plus-worldwide-21-cases-found-on-ship-off-san-francisco-284865">Coronavirus infects 100,000-plus worldwide, 21 cases found on ship off San Francisco</a>

Sunak said he would offer help to companies suffering short-term cash-flow problems and he was in touch with Bank of England Governor Mark Carney about the possible economic hit.

The BoE has said it needs to see more evidence before of the virus' impact before cutting interest rates as the U.S. Federal Reserve. Other options include reviving incentives for bank lending to companies.

SPENDING SOLUTION?

Sunak has been expected to relax a limit on day-to-day spending which was set by Javid before he unexpectedly quit last month after a row with Johnson over advisors.

The toughest of those rules is a pledge to balance so-called current spending with tax revenues within three years.

Watch:&nbsp;

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Media reports have said Sunak might reclassify some public spending on health and education services as an investment which is subject to a less restrictive rule, avoiding cuts to other services or tax increases.

Sunak told the Sunday Telegraph he wanted "lower rates of tax" during his time in office.

He said he was looking at objections to transaction taxes such as Britain's stamp duty which is applied to the purchase of properties, suggesting it could be changed in a future budget.

Also read:&nbsp;<a href="https://www.wionews.com/world/boris-johnson-to-take-paternity-leave-after-his-childs-birth-284011">Boris Johnson to take paternity leave after his child's birth</a>

Sunak also said there was no need to extend the Brexit transition period, which is due to end on Dec. 31, describing the coronavirus as a short-term challenge.

Asked about Johnson's "levelling up" plans, Sunak said he would launch a review of the way that public investment decisions are taken, which critics say favours London and the south, and he said a fifth of finance ministry staff would eventually work in northern England.

British finance minister Rishi Sunak, under pressure to fund the fight against the coronavirus and meet election promises in this week's budget, has said he is looking at possible changes to rules which could allow him to spend more.

British finance minister Rishi Sunak, under pressure to fund the fight against the coronavirus and meet election promises in this week's budget, has said he is looking at possible changes to rules which could allow him to spend more. Sunak told the Sunday Telegraph newspaper he was studying "with interest" proposals to reclassify some government spending as an investment as he puts the finishing touches Britain's first post-Brexit budget on Wednesday. Such a change would give him more room for manoeuvre with spending on public services, including on health. Wednesday's budget was originally billed as a chance for Prime Minister Boris Johnson, fresh from December's election triumph, to begin to meet his promise to "level up" Britain's struggling regions. Also read: UK to consider opposition to digital tax in pursuit of US trade deal But the focus on the spread of the coronavirus means it will delay announcing full details of its plans for new railways, roads and other infrastructure investment. In interviews on Sunday, Sunak repeatedly declined to confirm that he would stick with the fiscal rules set by his predecessor Sajid Javid who came under pressure from Johnson's advisors to spend more. But the 39-year-old former Goldman Sachs banker who has been in his job for less than a month said he was not about to abandon the discipline of previous Conservative Party finance ministers whose tight grip on spending slashed Britain's budget deficit since the global financial crisis. "That means I can sit here today and say I will invest what it takes to get us through this," he told BBC television, referring to the coronavirus outbreak. Also see: Coronavirus infects 100,000-plus worldwide, 21 cases found on ship off San Francisco Sunak said he would offer help to companies suffering short-term cash-flow problems and he was in touch with Bank of England Governor Mark Carney about the possible economic hit. The BoE has said it needs to see more evidence before of the virus' impact before cutting interest rates as the U.S. Federal Reserve. Other options include reviving incentives for bank lending to companies. SPENDING SOLUTION? Sunak has been expected to relax a limit on day-to-day spending which was set by Javid before he unexpectedly quit last month after a row with Johnson over advisors. The toughest of those rules is a pledge to balance so-called current spending with tax revenues within three years. Watch: × Media reports have said Sunak might reclassify some public spending on health and education services as an investment which is subject to a less restrictive rule, avoiding cuts to other services or tax increases. Sunak told the Sunday Telegraph he wanted "lower rates of tax" during his time in office. He said he was looking at objections to transaction taxes such as Britain's stamp duty which is applied to the purchase of properties, suggesting it could be changed in a future budget. Also read: Boris Johnson to take paternity leave after his child's birth Sunak also said there was no need to extend the Brexit transition period, which is due to end on Dec. 31, describing the coronavirus as a short-term challenge. Asked about Johnson's "levelling up" plans, Sunak said he would launch a review of the way that public investment decisions are taken, which critics say favours London and the south, and he said a fifth of finance ministry staff would eventually work in northern England.

UK finance minister Sunak looking at ways to relax spending limit

Boris Johnson's new look cabinet features three British Indians. Rishi Sunak, Alok Sharma and Priti Patel will play a major role in re-defining the United Kingdom post Brexit.

Gravitas: British Indians take top jobs in British Cabinet

Son of British health service worker, Oxford educated Rishi Sunak inherited public service from his parents and rose to become UK's first Indian origin finance minister, replacing Pakistani-origin Sajid Javid.

WION Dispatch: Indian origin MP'S take top 3 ministries

Indian-origin politician <a href="https://www.wionews.com/world/british-finance-minister-sajid-javid-quits-in-reshuffle-280549">Rishi Sunak replaced Sajid Javi</a>d as Finance Minister of the United Kingdom on Thursday. He was appointed by Prime Minister Boris Johnson in the cabinet reshuffle.

Sunak, the son-in-law of Infosys Co-founder and Indian billionaire&nbsp;Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer.

Before this, Sunak has served as Javid's junior as the Chief Secretary to the Treasury. He was seen as a rising star within the Cabinet while he working with Javid.

As he takes charge of the second most important government position in UK, Sunak will move into No. 11 Downing Street, next door to the Prime Minister's Office.

The MP for Richmond in Yorkshire first entered the UK Parliament in 2015 and has fast risen up the Conservative Party ranks as a staunch Brexiteer who had back Johnson's strategy to leave the European Union (EU).&nbsp;

Sunak was regularly put forward by the government to do media interviews and stood in for Johnson in some televised debates during last year's election campaign.

Born in the UK,&nbsp;Sunak's mother was a pharmacist who ran a local pharmacy shop while his father was a National Health Service (NHS) general practitioner.&nbsp;

Sunak&nbsp;attended the prestigious Winchester College before going on to study Politics, Philosophy and Economics at Oxford University. He also has an MBA from Stanford University in the United States.

&nbsp;Before entering politics he worked for investment bank Goldman Sachs and a hedge fund, then co-founded a 1-billion pound global investment firm.&nbsp;

"From working in my mum's tiny chemist shop to my experience building large businesses, I have seen how we should support free enterprise and innovation to ensure Britain has a stronger future," Sunak had said during the Brexit referendum.

He strongly believes that small businesses in the UK would flourish as a result of Brexit as the "vast majority of British businesses (94 per cent) don't have anything to do with the EU, but they are still subject to all EU law".

(With inputs from agencies)

Indian-origin politician Rishi Sunak replaced Sajid Javid as Finance Minister of the United Kingdom on Thursday. He was appointed by Prime Minister Boris Johnson in the cabinet reshuffle.

Indian-origin politician Rishi Sunak replaced Sajid Javid as Finance Minister of the United Kingdom on Thursday. He was appointed by Prime Minister Boris Johnson in the cabinet reshuffle. Sunak, the son-in-law of Infosys Co-founder and Indian billionaire Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer. Before this, Sunak has served as Javid's junior as the Chief Secretary to the Treasury. He was seen as a rising star within the Cabinet while he working with Javid. As he takes charge of the second most important government position in UK, Sunak will move into No. 11 Downing Street, next door to the Prime Minister's Office. The MP for Richmond in Yorkshire first entered the UK Parliament in 2015 and has fast risen up the Conservative Party ranks as a staunch Brexiteer who had back Johnson's strategy to leave the European Union (EU). Sunak was regularly put forward by the government to do media interviews and stood in for Johnson in some televised debates during last year's election campaign. Born in the UK, Sunak's mother was a pharmacist who ran a local pharmacy shop while his father was a National Health Service (NHS) general practitioner. Sunak attended the prestigious Winchester College before going on to study Politics, Philosophy and Economics at Oxford University. He also has an MBA from Stanford University in the United States. Before entering politics he worked for investment bank Goldman Sachs and a hedge fund, then co-founded a 1-billion pound global investment firm. "From working in my mum's tiny chemist shop to my experience building large businesses, I have seen how we should support free enterprise and innovation to ensure Britain has a stronger future," Sunak had said during the Brexit referendum. He strongly believes that small businesses in the UK would flourish as a result of Brexit as the "vast majority of British businesses (94 per cent) don't have anything to do with the EU, but they are still subject to all EU law". (With inputs from agencies)

From working in chemist shop to becoming UK's new finance minister - Who is Rishi Sunak?

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