BUDGET - After a terrible ten years UK public sector net debt has surged from about £1 trillion when the Conservatives came to power in 2010 to more than £1.8 trillion. Far from cutting costs by slashing the social security budget Government policy has been driving up borrowing, not least by the cost of implimenting Universal Credit.
Today the Bank of England has cut the base rate from 0.75% to 0.25%, taking the cost of borrowing back down to the lowest level in history.
Our economy is flat on its backside and the EU negociations have not been going well. The government will unveil its first Budget later, amid growing fears about the impact the coronavirus will have on the UK economy.
These are strange times. All bets are off to whether there will be any help to those struggling on Universal Credit.
Budget speech: https://parliamentlive.tv/event/index/2b439ccc-4695-4f26-8210-8c7d1ee9427a
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Wednesday 11 March, 2020
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Simon Collyer
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