British Chancellor of the Exchequer Sajid Javid on Sept. 30 unveiled additional spending measures aimed at supporting a post-Brexit U.K., including a £25 billion pledge for the country's roads over the next five years and plans to raise the country's national living wage.
In a speech at the Conservative Party conference, Javid also vowed to spend £5 billion to support the roll-out of gigabit-capable broadband in some of the "hardest to reach" parts of the U.K. The government would also provide up to £4.3 billion for U.K. charities, businesses and universities that stand to lose certain EU funding after Brexit.
The government also plans to invest £220 million in England's bus services and another £500 million for youth centers and services across the U.K.
"We're ready to draw on the full armory of economic policy if needed," Javid said, according to a prepared text of his speech. He said the Treasury is working closely with the Bank of England while preparing a "comprehensive" response to support the economy.
On workers' salaries, Javid pledged to raise the national living wage to £10.50 within the next five years to match two-thirds of median earnings. He also vowed to lower the age threshold for the national living wage to 23 starting from 2021, and to 21 within five years.
The plan to lift the national living wage should be based on "clear economic evidence" to give businesses ample time to adjust, according to Adam Marshall, director general of the British Chambers of Commerce.
Meanwhile, the director-general of the Confederation of British Industry, Carolyn Fairbairn, criticized Javid's spending plans for not addressing the "serious rupture" caused by a potential no-deal Brexit.
Javid maintained the government's stance that the U.K. will leave the European Union on Oct. 31, with or without a Brexit deal with Brussels.
