ITV News published this video item, entitled “Rishi Sunak freezes public sector pay as debt soars to £394bn and unemployment rises | ITV News” – below is their description.
Rishi Sunak has revealed the eye-watering cost of fighting the coronavirus pandemic, with UK borrowing set to hit almost £400 billion, the economy expected to contract by 11% and unemployment predicted to rise to 7.5%. The chancellor, announcing his Spending Review, said Britain’s “economic emergency has only just begun” and the damage to the economy caused by the Covid-19 pandemic is likely to be “lasting”. The Office for Budget Responsibility (OBR) estimates that £20-30 billion would need to be made up in either spending cuts or tax rises in order to balance the books and stop debt from rising by the end of this Parliament.
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