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Coronavirus: UK government borrowing could top £300bn, says think tank

    The centre-right CPS think tank today produced a more up-to-date assessment, saying the total could be £301bn.

    It said the cost of the support schemes themselves could add £127bn on to borrowing, with £119bn lost due to lower tax receipts and higher welfare payments. However, the CPS cautioned that any predictions in the current climate are deeply uncertain.

    Top 10 biggest government programmes

    SchemeCost in 2020-21
    Coronavirus job retention scheme£42bn
    Small business grant schemes£15bn
    NHS historical debt write-off£13bn
    Self-employment income support scheme£10bn
    Welfare£7bn
    NHS emergency response funding£6.6bn
    Coronavirus business interruption loan scheme£6bn
    Rail emergency measures£3.5bn
    Local authority funding£3.2bn
    Devolved administration public service funding£2bn

    Data compiled by CPS from OBR and other sources

     

    Read more here

    Date added: Tuesday 21st April 2020