× Startups Business News Education Health Finance Technology Opinion Wealth Rankings Politics Leadership Sport Travels Careers Design Environment Energy Luxury Retail Lifestyle Automotives Photography International Press Release
×

February 27, 2021

Britain’s public finances will face “enormous strains” in the wake of the third national lockdown, the Chancellor has warned.

Ahead of Wednesday’s Budget announcement, Chancellor Rishi Sunak told the Financial Times a bill for the Government’s £280bn investment in coronavirus support will eventually have to be paid, with low interest rates leaving the nation’s finances “exposed”.

Mr Sunak said: “We now have far more debt than we used to and because interest rates … at least a month or two ago were exceptionally low, that means we remain exposed to changes in those rates.”

While Mr Sunak did not reveal any details on specific tax measures, the Budget is expected to include a swathe of actions aimed at kickstarting the nation’s economy as lockdown eases over the coming months.