By Tony Winterburn • 27 February 2021 • 11:18
Britain Faces Third Lockdown Bill Of £280billion. imge: Wikicommons
Britain Faces Third Lockdown Bill Of £280billion.
Britain’s public finances will face “enormous strains” in the wake of the third national lockdown, Chancellor Rishi Sunak has warned.
Ahead of Wednesday’s Budget announcement, the Chancellor told the Financial Times a bill for the Government’s £280 (€323) billion investment in coronavirus support will eventually have to be paid, with low-interest rates- leaving the nation’s finances “exposed”.
Mr Sunak said: “We now have far more debt than we used to and because interest rates … at least a month or two ago were exceptionally low, that means we remain exposed to changes in those rates.”
While the Chancellor did not reveal any details on specific tax measures, the Budget is expected to include a swathe of actions aimed at kickstarting the nation’s economy as lockdown eases over the coming months. Chancellor Rishi Sunak is expected to extend the furlough scheme until summer, as well as a business rates relief scheme to help hard-hit sectors such as hospitality and tourism.
It has previously been reported that Wednesday’s budget will focus on kick-starting the battered economy following successive lockdowns, with any plans for plugging the nation’s finances shelved for the November budget when it is hoped things will have improved. A number of Tories have signalled they will not support an increase in taxes in the Spring budget.
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