Chancellor Rishi Sunak today warned of cuts to come as the UK’s debt hit a new record high of more than £2trillion. Public sector net debt hit £2.08trillion by the end of October.
That is also 100.8% of GDP, a ratio not seen since the early 1960s. The Tory Chancellor said splurging billions on the coronavirus response was the right thing to do but warned of a reckoning to come.
Mr Sunak said: “We've provided over £200 billions of support to protect the economy, lives and livelihoods from the significant and far-reaching impacts of coronavirus. "This is the responsible thing to do, but it's also clear that over time it's right we ensure the public finances are put on a sustainable path." It comes as up to 5million public sector workers face
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