Chancellor set to announce largest rise in borrowing for 30 years

Austerity to end

Chancellor Rishi Sunak is expected to end the UK's period of austerity by announcing the largest rise in public borrowing for 30 years in his first Budget today (11 March).

In a move that will put the kibosh on the Government's capacity to meet the fiscal targets it set four months ago, Sunak will use borrowing to help the NHS, companies and individuals cope with the outbreak of the coronavirus as well as support infrastructure projects over the next five years, the Financial Times reports. Treasury will shift its attention from cutting public debt levels to focus on being "at the forefront of international thinking" on public finances, according to people close to the situation, with the fiscal loosening increasing public borrowing by more over the next fi...