Paying back the cost of coronavirus support


This 337-word blog post looks at the latest Office for Budget Responsibility forecasts for the cost of government borrowing to cover coronavirus support measures for individuals and businesses. Written on 14th May 2020.

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Article preview: Unprecedented levels of government support for individuals and businesses during the coronavirus pandemic means we will all need to pay this money back in due course. The size of that bill looks set to be significant. According to the independent Office for Budget Responsibility, the tab has risen to an estimated £123.2bn. The previous forecast from the OBR was £103.7bn, with the higher estimate largely due to the cost of furlough – or, to give it the proper name, the Coronavirus Jobs Retention Scheme.