Jul 14, 2020

Coronavirus: Britain faces tax rises or spending cuts, OBR warns

The UK faces more taxes rises and spending cuts to stop its debt pile getting out of control, the country's spending watchdog has warned. This would mark the biggest economic decline in 300 years. The OBR said the coronavirus pandemic had "Materially altered" the outlook for the public finances. It warned that economy would not get back to its pre-crisis size until the end of 2022, while unemployment was likely to rise to 12% by the end of this year, falling back to 10.1% in 2021. It said the government was on course to borrow £322bn this year to pay for the shortfall between tax revenues and public spending.

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