UK to unveil record 400 billion-pound borrowing plan

British will announce the heaviest public borrowing since World War 2, next week, after the biggest economic crash in over 300 years.

With Britain in the midst of a second wave of Covid-19 cases and economic recovery on hold, Finance minister Rishi Sunak will spell out his spending plans.

He has also postponed longer-term plans for the public finances.

As Sunak starts to look for ways to begin reining in the huge surge in borrowing, he plans to freeze pay for public-sector workers other than health staff.

Spending on the pandemic is on track to exceed 200 billion pounds ($265 billion) this year after the extension of job protection programs, and other costs are likely to spill into the 2021/22 fiscal year.

Therefore, government borrowing this financial year is likely to be around 400 billion pounds. Disable top injection
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CNBC

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