New chancellor keeps March 11 budget date

LONDON (Reuters) – Britain’s new finance minister Rishi Sunak said he will stick with the March 11 date for the government’s first post-Brexit budget, dispelling speculation that the plans, likely to entail a big increase in spending, would be delayed.

FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak is seen outside Downing Street in London, Britain, February 14, 2020. REUTERS/Peter Nicholls

Sunak’s predecessor Sajid Javid, who was already working on plans to increase public investment after a decade of tight controls on spending, resigned unexpectedly last week.

His departure raised questions about whether the budget would be delivered on schedule.

In a tweet on Tuesday, Sunak said: “Cracking on with preparations for my first Budget on March 11. It will deliver on the promises we made to the British people – levelling up and unleashing the country’s potential.”

British government bonds have underperformed U.S. and euro zone debt this month as investors believe that Sunak will obey to Prime Minister Boris Johnson’s wishes to increase government spending by more t


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