UK's Sunak says public finances won't be fixed overnight

FILE PHOTO: Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London, Britain, October 6, 2020. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – British finance minister Rishi Sunak said he would not try to fix the public finances overnight, days before he presents a budget statement that is expected to include further heavy borrowing to steer the economy through the COVID-19 crisis.

“Look, this is not something that’s going to happen overnight. Given the scale of the shock we’ve experienced, the scale of the damage, this is going to take time to fix,” he told Sky News.

“It’s important …to also have strong public finances over time”.

Sunak declined to comment on specific tax rises he might have in mind before delivering the budget to parliament on Wednesday.

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