imageForex15 hours ago (Jun 04, 2020 07:25AM ET)

(C) Reuters. A triage nurse waits for patients in the Emergency Department at Frimley Park Hospital in Surrey

LONDON (Reuters) – The cost of Britain’s emergency spending and its tax cuts to soften the economic hit from the coronavirus crisis is likely to be 132.5 billion pounds ($166.1 billion), up from a previous estimate of 123.2 billion pounds, the country’s budget watchdog said.

The Office for Budget Responsibility updated its estimates after finance minister Rishi Sunak provided details of a four-month extension of the government’s wage subsidy scheme.

The OBR has previously estimated that Britain is on course for a roughly 300 billion-pound hole in its public finances this financial year, including the loss of tax revenues caused by the government’s shutdown of much of the economy as well as the cost of its emergency spending and tax measures.

Cost of UK response to COVID rises to 132.5 billion pounds: OBR

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Please enter your comment!
Please enter your name here