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...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

TPR to join forces with industry to develop net-zero transition template

TPR to join forces with industry to develop net-zero transition template

Regulator says final version of template will be presented to DWP later this year

Martin Richmond
clock 07 July 2025 • 1 min read
Pension Schemes Bill set for second reading in parliament today

Pension Schemes Bill set for second reading in parliament today

Measures in the bill will lay the foundation for the upcoming Pensions Review

Holly Roach
clock 07 July 2025 • 2 min read
News Digest: Pension and housing policy is a war on Britain's young

News Digest: Pension and housing policy is a war on Britain's young

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 07 July 2025 • 1 min read
Trustpilot