Government borrowing surged to £62bn in April, the highest monthly figure on record, after heavy spending to ease the coronavirus crisis.
It means the deficit – the difference between spending and tax income – was larger last month than forecast for the whole year at the time of the Budget.
Government borrowing for April alone was £62 billion. All government borrowing is simply deferred taxation. We and the young will be paying this back for decades. And all the because the NHS is crap.
Anyone who thinks that they saw austerity after Gordon Brown’s mega-recession is in for a surprise. Anyone who thinks that the epidemic has meant a nice couple of months in the garden is really in for a surprise.
The economic effects of the Wuhan Flu on our pockets, our jobs and our standard of living will long outlast the virus itself. In the end the hit on our standard of living will kill many more than the virus did.