In next week’s budget, British finance minister Rishi Sunak intends a 5-billion-pound ($6.9 billion) initiative to fund health research and a 3-billion-pound increase in financing for higher education, according to finance ministry officials.
Following news earlier in the day of 6.9 billion pounds for regional transport projects ahead of a significant review of government expenditure over the next three years, the announcements include several of the minor spending decisions.
The transport spending is 1.5 billion pounds higher than previously envisaged, as part of the government’s ‘levelling-up’ aim to raise living standards outside of London.
Sunak is anticipated to set relatively strict limitations for most sectors of day-to-day government spending in his budget on Wednesday, which will aim to reduce public debt following a record increase in borrowing during the COVID-19 pandemic.
However, unlike his predecessors’ policies following the financial crisis of 2008-09, he will offer more leeway for long-term public investment in order to reward the voters who backed Prime Minister Boris Johnson in the December 2019 election.
According to the finance ministry, the majority of the education funds will go to 16 to 19-year-old students in England who are pursuing a new alternative qualification to the regular school-leaving exams, which are the standard gateway to university.
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