Newest video updates about Coronavirus. Watch this “Coronavirus: How much COVID-19 is costing the UK government” video below:
The government borrowed a record £62bn last month to pay for the ballooning costs of the COVID-19 pandemic – especially the job retention scheme.
This is almost three times higher than the amount borrowed in April 2012 during the last economic recession.
Sources of government revenue – like VAT receipts – have fallen as consumers spend less on household goods and clothing.