Chancellor warns of 'economic emergency' in Spending Review as borrowing hits £394bn

Largest recorded borrowing level in peacetime

clock • 2 min read

Rishi Sunak has warned that the UK's "economic emergency has only just begun", as he revealed that the Office for Budget Responsibility (OBR) has forecast the economy will contract this year by 11.3% - the largest fall in output for more than 300 years.

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