Britain's emergency spending and tax cuts to soften the economic hit from the coronavirus crisis are likely to cost 132.5 billion pounds ($166.1 billion), up about 7.5% from a previous estimate, the country's budget watchdog said on Thursday.
FILE PHOTO: A triage nurse waits for patients in the Emergency Department at Frimley Park Hospital in Surrey, Britain, May 22, 2020. Steve Parsons/Pool via REUTERS
The 9 billion-pound increase was caused by higher costs for the government from its two wage subsidy schemes that are at the heart of its attempts to slow a surge in unemployment. The OBR also raised the price tag of the government’s scheme for self-employed people that was extended last week by finance minister Rishi Sunak.
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