Businesses that prospered from lockdown in line to bail out Budget black hole - comment
Walking a tightrope from the House of Commons over the Thames would probably be easier than tackling the black hole in the nation’s finances caused by Covid-19.
According to the Office for Budget Responsibility, borrowing will be £394 billion for the current financial year – more than a seven-fold increase on the £55bn forecast before coronavirus.
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Hide AdThis massive sum – the highest borrowing outside wartime – has funded a range of measures to fight coronavirus and its impact on the economy. Delivering his Spending Review to the House of Commons in November 2020, the Chancellor said the UK had spent £280bn on its response to the pandemic and intends to spend a further £55bn in 2021.