The UK government plans to borrow £ 298 billion, or $ 364 billion, in 2020.
This will be a record high equivalent to more than 15% of the country’s GDP.
Authorities are forced to take such measures in an attempt to cope with the consequences of the epidemic of coronavirus infection. Against this background, on Thursday, May 14, the Bureau of Budget Responsibility has already raised its forecast for public debt, which in April was at 273 billion pounds [333 billion dollars], and to quarantine at 55 billion pounds [67 billion dollars] . Thus, the UK public debt can grow by more than 5 times.
It is noteworthy that the assessment presented today does not take into account the costs of the wage support program extended by the Ministry of Finance until October. Under this program, the government pays 80% of the salary to the 7.5 million Britons laid off due to the Crown Crisis.
The Fiscal Responsibility Bureau suggests that by the end of July, this program, after accounting for income tax, which will return to the treasury, will cost £ 50 billion [$ 61 billion].