Coronavirus: One-year spending review looms as public debt hits 103.5% of GDP

The Treasury says the spending review will support jobs and give certainty on budgets for the next financial yearA one-year spending review has been announced by the Treasury to"focus entirely" on tackling the coronavirus crisis - as official figures show borrowing records continue to be smashed.

The government said it would have liked to outline spending plans for the rest of the current parliament, as it had originally intended. But a statement on the U-turn said the chancellor and prime minister had decided on a more targeted approach given the renewed threat from the pandemic, which has forcedRishi Sunak has hinted again that taxes will have to rise but not in the immediate future

The Treasury pledged to"continue to show flexibility and creativity in our response", saying the review was expected to conclude at the end of next month. The review, it added, would set departments' resource and capital budgets for 2021-22 and the block grants for the devolved administrations over the same period as the pandemic places unprecedented peacetime demands on the public finances.Figures from the Office for National Statistics showed national debt had hit a new record of £2.

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