Conservative Prime Minister Boris Johnson said Monday he wants to take inspiration from US President Franklin D. Roosevelt, who implemented the “New Deal” in the 1930s, to revive the economy of the United Kingdom, hard hit by the new coronavirus pandemic.
“I think this is the time for a Rooseveltian approach to the UK,” Johnson told Times Radio in reference to the demand-driven stimulus policy and state intervention put in place after the Great Depression of the 1930s.
The Prime Minister was speaking on the eve of a speech in which he must announce a massive investment program in the country’s infrastructure. During his election campaign, he had already pledged to inject millions into public services.
“What we are going to do in the coming months is to double our initial program, which focused on investments, for infrastructure, education, technology, to bring the country together,” said the leader. conservative.
This program notably includes a school reconstruction plan endowed with one billion pounds (1.1 billion euros). It will start in 2020/21 and will initially focus on 50 projects.
Finance minister to table budget in fall, Boris Johnson said, assuring that British austerity a decade ago when Conservative David Cameron was in power will not return .
Strict containment resulted in a 20.4% collapse in British gross domestic product (GDP) in April alone, a historic record. Without additional state aid, the unemployment rate could reach levels never seen since the 1980s, surpassing the peak of 3.3 million recorded in 1984, The Observer reported on Sunday, citing an analysis from the House Library. of the communes.
“I certainly think people instinctively feel that it’s going to be difficult to overcome this,” said Boris Johnson. “We have seen a big drop in our GDP and everyone understands that when we get out of it there will be difficult times, but the UK is an incredibly dynamic and resilient economy and we will overcome this very well.”
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