UK to borrow £400,000,000,000 to pay for Covid with jobless peaking next year

The UK is forecast to borrow £394 billion this year, equivalent to 19% of GDP – the highest recorded level of borrowing in peacetime history.

The Office for Budget Responsibility made the prediction as the Chancellor Rishi Sunak announced his latest spending review.

Mr Sunak told MPs borrowing will fall to £164 billion next year and £105 billion in 2022/23.

He also announced the Government would increase the National Living Wage by 2.2% to £8.91 an hour.

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