LONDON (UK) – Finance Minister Rishi Sunak said on Wednesday that things could have been worse had the government not acted to protect livelihoods. This comes after data showed that state borrowings peaked while tax receipts slumped.
“Whilst it’s clear that the coronavirus pandemic has had a significant impact on our public finances, things would have been far worse had we not acted in the way we did to protect millions of livelihoods,” the minister said.
“Over time and as the economy recovers, the government will take the necessary steps to ensure the long-term health of the public finances,” he said.