UK Chancellor of the Exchequer Rishi Sunak on Wednesday boosted spending on infrastructure and plans to create jobs for the unemployed as official forecasts pointed to the worst economic contraction in over 300 years due to the impact of the coronavirus pandemic.
"Our health emergency is not yet over," Sunak told lawmakers as he presented the latest Spending Review.
"And our economic emergency has only just begun."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.