UK's virus borrowing binge hits £300m

The Office for Budget Responsibility revealed the outlook for public finances has deteriorated rapidly, with the estimated bill for rescuing the economy mounting by £20billion in the last few weeks. Load Error As it emerged that 441,000 self-employed workers had claimed subsidies worth £1.3billion on the first day of a new bailout scheme, the OBR spelled out the staggering cost of the Government's rescue measures. This is because it has not included the cost of extending the Job Retention Scheme for furloughed employees until the autumn, which it said push the bill up to £84billion.  In the Budget in March, the OBR forecast a deficit of £55billion this year. But yesterday Bank of England governor Andrew Bailey doubled down on claims that the Government's vastly expensive bail-out package would help Britain's economy bounce back quickly after the end of the lockdown.