Britain's borrowing hits peacetime high as Covid fuels economic plunge not seen for 300 years

 CNBC, Nov 25, 2020

• The British economy is forecast to contract by 11.3% in 2020, according to the Office for Budget Responsibility (OBR).
• The OBR also forecast that borrowing is set to reach a total of £394 billion this year ($526 billion), 19% of GDP, its highest level in peacetime history.

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  LONDON — The U.K. announced Wednesday its largest peacetime borrowing level ever as the coronavirus pandemic is forecast to cause the largest plunge in economic output for 300 years.

  The British economy is forecast to contract by 11.3% in 2020, according to the Office for Budget Responsibility (OBR), before growing by 5.5% in 2021, 6.6% in 2022 and 2.3%, 1.7% and 1.8% in each of the following years.

  In full: https://www.cnbc.com/amp/2020/11/25/coronavirus-uk-announces-largest-peacetime-budget-ever.html

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