By Charlie Loran • 20 November 2020 • 9:07
NATIONAL debt hits record £2.08trillion as Chancellor Rishi Sunak warns of cuts to come, the Chancellor explained public finances must be ‘put on a sustainable path’.
Chancellor Rishi Sunak has warned of cuts to come as the UK’s debt hit a new record high of more than £2trillion.
Public sector net debt hit £2.08trillion by the end of October. That is also 100.8 per cent of GDP, a ratio not seen since the early 1960s.
The Tory Chancellor said spending billions on the coronavirus response was the correct thing to do, however, warned of cuts to come.
Mr Sunak said, “We’ve provided over £200 billions of support to protect the economy, lives and livelihoods from the significant and far-reaching impacts of coronavirus.
“This is the responsible thing to do, but it’s also clear that over time it’s right we ensure the public finances are put on a sustainable path.”
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