LONDON: British Finance Minister Philip Hammond said Sunday he would keep chopping away at the deficit to get Britain fit to face Brexit, as he prepares to deliver his budget on Wednesday.
Hammond insisted it would be “reckless” to go on a spending splurge, as Britain needed to build up its economic resilience, as it gets ready to leave the EU.
Prime Minister Theresa May is due to start two years of divorce negotiations with Brussels by the end of the month.
“As we prepare to start our negotiations to leave the EU and plan how we will make the most of the opportunities that lie ahead, my budget on Wednesday will set out the next steps to creating a stronger, fairer and better Britain,” Hammond wrote in The Sunday Times newspaper.
“As we begin our negotiations with the EU we are embarking on a new chapter in our history.
“We need to maintain our commitment to fiscal discipline and to strengthen our economic position as we forge our vision of Britain’s future in the world.”
The chancellor of the exchequer said that when the center-right Conservatives entered government in 2010, Britain was borrowing one pound in every five spent but the deficit was now down by nearly two-thirds.
“We must, as a country, ensure we get back to living within our means,” he said, insisting that he would stick to his planned trajectory of reducing borrowing.
“There are still some voices calling for massive borrowing to fund huge spending sprees. That approach is not only confused, it is reckless, unsustainable and unfair on our young people, who would be left to deal with the consequences,” he said.
In his budget, Hammond will unveil a revamp of skills training for 16 to 19-year-olds, the Treasury announced.
The current 13,000-odd technical education qualifications will be replaced by a more streamlined model of 15 designed better to suit the needs of students and businesses.
The government will work with employers and colleges to design the routes. The move is aimed at putting technical qualifications on a level footing with the academic qualifications open to 16 to 18-year-olds.
The plans involve increasing the amount of training by more than 50 percent to more than 900 hours a year. The new qualifications will be rolled out from 2019-20 and £500 million ($615 million) will be plowed into them annually.
The Sunday Times said measures expected to be in the budget include a 3 percent payroll tax rise for self-employed workers to 12 percent; minimum pricing for cigarettes; a continuing freeze in fuel duty, and broadband Internet vouchers for small businesses.
Britain’s budget gearing for Brexit: Hammond
Britain’s budget gearing for Brexit: Hammond
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
