The public debt is among the victims of the Covid-19 epidemic.
According to the 2020 Budget Economic and Fiscal Update, in the current year and the next two fiscal years, operating deficits (operating balance before gains and losses) average around $28 billion while net core Crown debt is expected to increase on average by around $35 billion a year. Net core Crown debt is expected to reach 53.6% of GDP by the end of the forecast period, in June 2024.
The government – accordingly – is being very careful about its spending. Isn’t it?
