Coronavirus crisis: govt borrowing hits record level - BBC News

Government borrowing has surged to its highest level on record, underlining the scale of the economic damage caused by the coronavirus pandemic.

The deficit, the difference between government spending and tax receipts, soared to more than £62 billion in April, due to the level of financial support provided by the Treasury, to help businesses and employees through the crisis.

The hole in the government finances wasn't helped by a big drop in retail sales. They plummeted by a record amount in April, as many high street stores closed in the coronavirus lockdown. Clothing sales were hit hardest, down more than 50 per cent, although online spending online rose.

The company which owns the coach firm Shearings has gone into administration. The Specialist Leisure Group, which is based in Wigan and employs more than 2,500 people also runs the brands UK Breakaways, Caledonian Travel and Country Living Hotels.

Clive Myrie presents BBC News at Ten reports from Economics Editor Faisal Islam, Business Correspondent Emma Simpson and Judith Moritz in Wigan.

[haydenharris]

Where do they borrow it from? the local money lender. The money does not exist! its just numbers in a computer and make believe debt but not for individuals.

[Malfoy]

£1billion on benefits yet we’re flying people in to pick fruit? Seriously??? WTF do we have job centres for? I’m sure Janet & Conner on a Benefits Street are perfectly capable to pick some veg for the first working day in the life.

[theheart]

I think im going to have to stop smoking !!!!

[ellekatrina]

Money is created out of nothing. This debt is nothing. We came off the Gold Standard and now are on Fiat currency. Do your research. We don't need to be in this situation.

[AlanWattResistance]

We're never not going to be debt-slaves.

[mrpickles]

Furlough TIL October, bloody Furlough decisions should be month by month, and industry specific, many businesses just taking the piss and milking it.

[MrB]

Good that the reporter is right outside that companies headquarters LIVE.
Not a complete waste of money by the BBC or anything like

[codtetrisexpertlevelgamer]

why are those workers not wearing masks nor gloves and no hand sanitizers for customers at the entrance? 😱

[malcommire]

Cbbc makes more sense thn the bbc news

[VorosMedve]

National debt was 230% of GDP when the NHS and welfare state were created in 1948. That was without record low interest rates that the government have now.
With such low rates of interest, the government could bailout these companies by investing in them via a sovereign wealth fund that pays back dividends into the pockets of the public...businesses less likely to go bust and we, the public, reap returns on their performance.

[cristianstefaniga]

The question is why is there money to be given to the population, because they were taken in the first place from population. For as long as the government has money they should not complain about it, lets not forget who is your source of income government. So please put some sense in you.

[mathiuseden]

HOW AM I SUPPOSED TO BUY CLOTHES IF JD IS CLOSED AND KFC IS OPEN

[colinburnside]

Not that bad. But grow your on food in your own garden . :)

[zzz]

The dangerous is if a big number of people become lazy and ill with the LOCKDOWN.Not wanting to go out, shopping even to work..

[anothergenericusername]

*’where’s the beef ?’*
Who remembers the BBC demanding daily we were put under house arrest and to close the economy ?

[polygamous]

Yes But at least the UK government cares for its people far far better than the usa is

[gurditasingh]

Legalise marijuana so everyone can buy it in a pharmacy and the profits can go back into the economy while everyone gets well from smoking weed

[futcant]

Hooray! Looks like they found the magic money tree.

[belkentens]

The government has to borrow money? From where? Where is it kept and how is it repaid? Search ‘how is money created’

[AlanWattResistance]

Open up the bloody shops then you planks!