UK borrowing surges and car production slumps as Covid-19 costs mount – business live

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Rolling coverage of the latest economic and financial news, as UK borrowing hits a new record high and car production almost halves

Britain has already borrowed more than in any previous financial year , as this chart shows:\nAndrew Wishard of Capital Economics suspects that the pace of borrowing will slow in the coming months, as fiscal support fades. In particular, because the furlough scheme is being replaced with the wage-subsidy scheme . Wishard says: Of course, the government was always expected to borrow a huge sum this year.

 

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