Saturday, May 18

Day: August 21, 2020

UK faces largest budget black hole since 1960s
Featured, United Kingdom

UK faces largest budget black hole since 1960s

    Britain’s public debt has burst through the £2tn ($2.65tn) mark for the first time, according to official figures. New data from the Office for National Statistics (ONS) on Friday shows public debt at the end of July was bigger than the size of the entire UK economy for the first time in more than half a century. Analysts said UK government borrowing this year was on track to hit its highest share of GDP since the Second World War, despite coming in lower than expected in recent months. The government has ramped up spending on support for firms, workers, and public services to alleviate the devastating economic damage of the coronavirus and lockdown measures this year. Several business loan programmes, the furlough scheme, grants for the self-employed, a temporary...