Last week Sunak set out up to 30 billion pounds of new measures, partly to encourage businesses to take workers back when he ends a furlough scheme supporting more than 9 million jobs in October.
Public sector debt, excluding state-owned banks, stayed a fraction below the milestone of 100% of gross domestic product it appeared to pass in May, after an upward revision to GDP, and now stands at 1.984 trillion pounds or 99.6% of GDP.Bond markets have been happy to finance this borrowing, however. At a bond auction on Tuesday investors bought a six-year gilt with a record-low negative yield, meaning the government will pay back less than it borrowed.
Britain’s government has announced extra spending and tax cuts worth around 192 billion pounds for this financial year, and last week its Office for Budget Responsibility estimated borrowing would hit 322 billion pounds or just over 16% of GDP.This figure is based on a scenario where the economy shrinks by 12.4% over 2020, and the unemployment rate rises to its highest since 1984 at 11.9% by the end of this year.
The OBR said borrowing was currently running 15% below this scenario - though it noted the official figures were likely to be revised, and did not yet include any provision for write-offs of government-backed lending to businesses.Our Standards:
The brunt of having an economy based over reliantly on consumerism, is now being felt by the U.K.
It’s the Tory way 😀
Brexit reality and coronavirus consequences
Which included the awarding of contracts to their friends that shouldnt have been awarded. The biggest theft from the British taxpayers in history and it will the 95% who are paying it back, not the wealthy or the corporates, they avoid tax CloseTaxLawLoopholesNOW MakeThemPay
Covid-19 Thank you Chuck Schumer, and Nanacy Pelosi, Joe Biden and our leader at time in 2002 2003 President Obama. They all failed to secure the outbreak. China's master plans known of, Nancy the last visit before the announcement She triple checked the traces would not be found
Newsflash: in the first 3 months of 2020 Canada borrows $373b yes with a B. That is than 10x last year's entire deficit.
Unable to understand whogives the fund when everyone borrows
Borrowing from A central bank? 🤔
Wtf, was it something I did?
The official debt plus the unofficial may obblige britain to sell the crown jewels and with these I don't mean what Boris has beteen his legs. I mean the gold reserves which are substancial and as gold its at the top and increasing it may offset issuing more debt.
Pop.... There's a bubble.
`borrowing surges to record level` is bull💩. The reality is that BoE is on steroid money-printing `engagement`...
Over the years, Tory made false savings in pennies. Now they are burning through pounds
What would you expect with a global economic shutdown in a global economy that was already in big trouble. And its just getting started.
Borrowed from who?
That 350 million a week to the EU looking cheaper and cheaper now isn't it UK 😂😂 Bloody rednecks of Europe
Not even half the real sum.
From where? Who is going to lend money to UK?
we all going to suffer for next 30 years for electing a man born in USA with Turkish grandfather and a Russian name.
Poor uk
Pikers. They need to up their game.
I hope they have a plan to pay it back without putting it on the backs of their children and grandchildren and great grandchildren and their great grandchildren and great great grandchildren and their children etc...
And yet little Zimbabwe is not allowed to borrow from international lenders 🙄
But they still profit since they don't have to pay on the EU-stimulus scheme Brexit
Is Johnson going to get that bridge over the Thames done?
Good news we waiting for little eland break down for many centurpies, England with a black history of slavery and take advantage of many countries, still working against human being
Brexit?
Sorted 👊