The spread of the deadly coronavirus has hard hitted the British economy. The spread of the pandemic has pushed the economy of the country to record the historic recession. The government’s debt has exceeded £2 trillion, which is more than 100 per cent of the country’s Gross Domestic Product. The UK has witnessed such a situation of crisis for the first time since 1961. The debt of the country has increased by £227.6 billion as compared to that in the month of July in 2019.
Responding to the market situation the Chancellor Rishi Sunak stated that: “This crisis has put the public finances under significant strain as we have seen a hit to our economy and taken action to support millions of jobs, businesses and livelihoods. Without that support, things would have been far worse. Today’s figures are a stark reminder that we must return our public finances to a sustainable footing over time, which will require taking difficult decisions“.
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