UK's Sunak: Total COVID measures for this year and next is GBP352 billion

British finance minister Rishi Sunak is delivering his budget statement to parliament on Wednesday.

Key takeaways as summarized by Reuters

"This budget announces an extra 65 billion sterling of COVID measures."

"Total covid measures for this year and next is 352 billion sterling."

"Total fiscal support over this year and next amounts to 407 billion sterling."

"We are using the full measure of fiscal firepower to protect jobs."

"Without corrective action, underlying debt would rise indefinitely."

"Markets in recent weeks have shown sovereign bond yields rising fast."

"In normal times state should not borrow to fund everyday public spending."

"Sensible to take advantage of lower interest rates to fund long-term investment."

Market reaction

The GBP/USD pair largely ignored those comments and was last seen gaining 0.06% on the day at 1.3960.