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Coronavirus debt will take 'decades' to pay off as UK faces 'deepest recession in history'

The UK's coronavirus debt will take "decades" to pay off as the nation faces the deepest recession in its history, experts warned today.

The respected IFS think tank warned Chancellor Rishi Sunak will be forced to hike taxes as the nation's £190bn Covid-19 splurge leads to a "reckoning".

And borrowing will hit its highest levels in 300 years apart from the two world wars, the experts said. in the wake of yesterday's mini-Budget.

It comes after Mr Sunak refused to rule out long-term tax rises and admitted there will be "difficult decisions" in future amid a "very significant recession".

IFS Director Paul Johnson predicted no big tax rises this year or next, but said: "A reckoning, in the form of higher taxes, will come eventually."

He

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Paul Johnson: Main News

The UK's coronavirus debt will take "decades" to pay off as the nation faces the deepest recession in its history, experts warned today.

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