'No apology' for borrowing, says chancellor

Borrowing more money to invest into the UK is "The right economic thing to do", the chancellor has said. The Bank of England announced a cut in interest rates on Wednesday. The think tank said the mark down of the UK economy by the Office of Budget Responsibility, without taking the outbreak into account, was "Incredibly grim and yet still unbelievably optimistic". Its chief executive Torsten Bell said: "In reality, once we take the economic impact of coronavirus into account, this is the weakest official growth outlook on record." Labour's John McDonnell told the BBC's Today programme he welcomed more investment from the government, but "10 years of austerity brought the country to our knees" and the Budget was "Only going part way to making up" for Tory cuts.

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