GOVERNMENT borrowing ballooned to £62.1 BILLION last month – the worst monthly figure since records began. National debt has exploded as Chancellor Rishi Sunak attempts to keep Britain’s workers and businesses afloat with record bail out packages. ⚠️ Read our coronavirus live blog for the latest news & updates According to figures from the Office of National Statistics, public sector net borrowing last month was a massive £51.1 billion higher than the same month last year. The coronavirus crisis has caused the Government to hand out huge sums of money to businesses and employees to prevent millions of people winding up unemployed The cost of the Chancellor’s furlough scheme – which pays furloughed staff 80 per cent of their wages up to £2,500 a month – is £14billion a month, according to the Office for Budget Responsibility. The OBR has estimated the Government will have to borrow £123 billion this year to cover the costs of its schemes and the furlough scheme will cost £56 billion.More than half of all working age Brits are being given Government support during the pandemic. Government borrowing has been exacerbated by sharp decreases in tax revenue from people and businesses. Company profits have collapsed… Read full this story
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