Responding to this morning's ONS figures - which show borrowing has reached the highest level since WW2 - Robert Colvile, Director of the Centre for Policy Studies, said:
'Today’s ONS figures were expected but still staggering. This year has been unparalleled, but the focus must now be on how to stimulate growth to ensure the economy rebounds effectively, for example by making the investment super-deduction permanent. It would be wrong and damaging to derail the recovery with tax rises or spending cuts.
'The CPS was the first to estimate that the deficit could exceed £300bn as a result of the pandemic, and we continue to urge the Government to set out a credible route towards fiscal responsibility. But the only way back to economic health is to put the private sector in the driving seat, and ensure businesses have the right incentives to invest and create jobs.'