Chancellor warns of 'economic emergency' in Spending Review as borrowing hits £394bn
Largest recorded borrowing level in peacetime
Sunak said that the UK's economic output is not expected to return to pre-crisis levels until Q4 2022. Photo: HM Treasury/Flickr CC BY-NC-ND 2.0
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.
In his Spending Review for 2021-22, the Chancellor of the Exchequer announced that the UK is forecast to borrow £394bn - accounting for 19% of GDP, which is the highest recorded level of borrowing in peacetime...
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