Prime Minister Boris Johnson vowed that the U.K. will spend large sums on hospitals, schools, and roads to jump-start the economy as it emerges from the corona virus lock-down that has plunged the country into what may be the worst recession in three centuries.

In an interview, Johnson rejected a return to the austerity policies that followed the 2008 financial crisis and told that the country will “build our way back” from the crisis through “shovel-ready” projects.

“The lesson is to act fast and we’re going to make sure that we have plans to help people whose old jobs are not there anymore to get the opportunities they need,” Johnson said. “We are absolutely not going back to the austerity of 10 years ago.”

He also added that the government will set out measures to boost infrastructure construction.PM Johnson will unveil an additional $1.23 billion to build the first 50 projects comprising schools Interior minister Priti Patel said on Sunday. Johnson, who won a large majority at last year’s election, hopes to revive his fortunes by returning to his pledges to “level up” Britain by focusing spending on traditional Labour-supporting areas that backed his Conservative Party.

The EU and Britain launch an intense five weeks of negotiations on a deal to define their post-Brexit relations on Monday, with London keen to wrap things up quickly. The new round of talks in Brussels will be the first to be held face-to-face since the corona virus shutdown combined with the two sides entrenched positions to stall progress.

 GBP/USD 4 Hour Chart:

Support: 1.2287 (S1), 1.2240 (S2), 1.2165 (S3).

Resistance: 1.2410 (R1), 1.2484 (R2), 1.2532 (R3).

Borish’s government measures and Brexit updates favors pound. We expect a bullish trend for GBP/USD.