Chancellor warns of 'economic emergency' in Spending Review as borrowing hits £394bn

clock • 2 min read

Chancellor Rishi Sunak has warned that the UK’s “economic emergency has only just begun”, as he revealed that the Office for Budget Responsibility (OBR) has forecast the economy will contract this year by 11.3% - the largest fall in output for more than 300 years.

In the Comprehensive Spending Review for 2021-22 today (25 November) the chancellor announced that the UK is forecast to borrow £394bn - accounting for 19% of GDP, which is the highest recorded lev...

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