Wednesday, 25 Nov 2020 09:49 PM MYT
The world’s sixth-biggest economy is now set to shrink by 11.3 per cent in 2020, its biggest contraction since the early 1700s, before growing by 5.5 per cent in 2021, Sunak said as he announced a one-year spending plan. That was equivalent to 19 per cent of gross domestic product, the highest ever during peacetime and almost double its level after the global financial crisis which took nearly a decade of unpopular spending cuts to work down.
Sunak said the cost of the fight against coronavirus was now £280 billion this year, up from a previous estimate of about £200 billion.
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