Rock-bottom borrowing costs mean it is increasingly expensive for the Government to raise cash from savers, according to National Savings & Investments, raising concerns its market-leading savings rates could be cut. It cost the Treasury-backed bank almost £887million more to raise money from savers between April 2019 and March 2020 than if the Treasury borrowed … Read more
Britain’s coronavirus borrowing binge hits £300m: Budget deficit at record levels as cost of pandemic mounts By James Salmon for the Daily Mail Published: 21:51 BST, 14 May 2020 | Updated: 21:51 BST, 14 May 2020 The spiralling cost of subsidising the wages of millions of workers could push Britain’s budget deficit well above £300billion, … Read more
Government borrowing is set to soar to nearly £300billion this year with the debt mountain growing bigger than the whole economy, new estimates found today. The OBR’s latest ‘scenario’ for the crisis sticks to dire suggestions that the economy will shrink 35 per cent in this quarter – more than predicted by the Bank of England. … Read more