Our economic emergency has just begun, Rishi Sunak warns

Industry News | 25/11/20

Britain’s economic emergency “has only just begun”, Rishi Sunak said on Wednesday as he put the country on notice of tax rises to pay for the £550 billion cost of coronavirus.

The financial devastation caused by the virus will see the economy shrink by 11.3 per cent this year – the biggest drop in 300 years – with borrowing reaching levels never seen in peacetime.

But Mr Sunak said he could only address the imbalance “once the economy recovers” and used his autumn spending review to announce yet more borrowing so he can spend money protecting jobs and businesses.

Source: The Telegraph