UK’s national debt set to hit staggering £2 trillion
Bank of England
Britain’s national debt is to hit £2 trillion for the first time as the price of the coronavirus pandemic spreads.
The sum will be reached next month, predicts the Office for Budget Responsibility.
It took more than 300 for the national debt to reached £1 trillion.
It has taken just ten years to double the figure.
The dramatic rise of late is down to Covid-19.
The Organisation for Economic Co-operation and Development (OCED) has warned that extra borrowing by already indebted governments will “come back to haunt us”.
And, the Bank of England has also advised Britain faces the deepest recession for more than 300 years.
Philip Booth, senior academic fellow at the Institute of Economic Affairs, said:
“The likely scale of the national debt post-Covid will be staggering.
“We cannot just deal with this by more austerity.
“The economy must also be liberated from constraints so it can grow much more rapidly in the next three decades.”