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The Covid-19 bill means the Treasury must live with high borrowing

The government has borrowed more in April than expected for the whole year. It can’t be paid back via austerity

It was inevitable that borrowing would hit a peacetime record this year. In April alone, the government borrowed more in a single month than was expected for the whole year before the coronavirus pandemic struck.

According to the first official Covid-19 cost estimates, the government borrowed £62bn in April, more than at any time since comparable records began in 1993. Not even the depths of the 2008 financial crisis come close.

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