Britain Doesn’t Just Have A Health Crisis – It’s Got A Major Economic Headache, Too

London: British taxpayers are being warned that wartime-levels of borrowing are unsustainable, although workers will be largely spared in a budget which targets big business to help pay for the mammoth spending which has shielded the economy from near-collapse.

The government will have spent at least £407 billion ($730 billion) on stimulus payments, wage subsidies and other support by the time the coronavirus crisis is hoped to subside next year, pushing borrowing to heights not seen since World War II.

Chancellor Rishi Sunak on Wednesday spent billions more to keep the economy afloat while restrictions are phased out. But he warned debt as a share of GDP would peak at nearly 100 per cent and sacrifices would have to be made to pay it down. Read more…..


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