Britain's government will still be borrowing vast sums of money five years from now if the economy takes time to recover from the coronavirus fallout, new research published on Friday showed.
FILE PHOTO: Pound banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration
The Institute for Fiscal Studies think tank and U.S. investment bank Citi said they thought it would take the economy “several years” to adjust to the pandemic, in contrast to scenarios from official forecasters showing a relatively swift rebound. Data due later on Friday are likely to show Britain is on course for a record increase in borrowing this financial year, to reach the highest level as a share of the economy since World War Two.
Stockton added that a mix of tax rises and an acceptance that higher debt will need to be managed carefully seemed to be the most likely outcomes.
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