LONDON
Britain will borrow almost 400 billion pounds ($526.03 billion), in the current financial year to pay for the massive coronavirus hit to its economy, Finance Minister Rishi Sunak said on Wednesday, taking the budget deficit to its highest since World War II.
The world’s sixth-biggest economy is set to shrink by 11.3% in 2020, its biggest contraction since the early 1700s, before growing by 5.5% in 2021, Sunak said as he announced a one-year spending plan.
“Our health emergency is not yet over. And our economic emergency has only just begun,” Sunak told parliament. “So our immediate priority is to protect people’s lives and livelihoods.”
Chief Secretary to the Treasury Stephen Barclay was also present in the Parliament.
Announcing the latest forecasts from the Office for Budget Responsibility (OBR), Sunak said public borrowing was set to soar to 394 billion pounds ($526 billion) in the current 2020/21 financial year.
That was equivalent to 19% of gross domestic product, the highest ever during peacetime.
This story is from the November 26, 2020 edition of Gulf Today.
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This story is from the November 26, 2020 edition of Gulf Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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