46bn

Britons ‘face £46bn of tax rises and spending cuts to get Covid debt under control’

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Britons face £46billion of tax rises and spending cuts to start getting the government’s spiralling debt under control, the Treasury watchdog warned today.  In a bloodcurdling assessment of the situation, the Office for Budget Responsibility said state borrowing is expected to hit £394billion this year as the coronavirus wipes 11.3 per cent off GDP. The … Read more

UK banks propose ‘student loans style’ scheme to help businesses pay back £46bn Covid debt

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Up to three million jobs and 800,000 small and medium-sized businesses are at risk if companies cannot defer repayment on up to £46billion of Government-guaranteed loans and debt, experts warned today. Banking lobby group TheCityUK has said recapitalisation of these loans is ‘essential’ to protect SMEs and businesses will need help tackling debt which could … Read more