LONDON - British government debt has exceeded £2.0 trillion for the first time following massive state borrowing as the coronavirus pandemic pushed the UK economy deep into recession, official data showed Friday.
The debt increased by £227.6 billion compared with July 2019, reflecting the huge increase in borrowing needed to tackle the pandemic. "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," Chancellor of the Exchequer Sunak said.
Marks and Spencer, the British food and clothes retailer, announced this week that it was cutting 7,000 jobs as COVID-19 increasingly pushes customers to shop online.
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