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Britain’s borrowing at highest ever peacetime level
The coronavirus pandemic has severely undermined the UK’s public finances with the government’s debt exceeding £2tn for the first time and borrowing at its highest ever peacetime level.
Chancellor Rishi Sunak warned that the extraordinary government support for the economy had to be time limited. “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,” he said.
The figure is lower than expected by the Office for Budget Responsibility, the fiscal watchdog, with signs that better than expected…