Despite the slight deterioration in March, the budget deficit was still only £48.7bn (2.1% of GDP) in 2019/20, but it will soon surge next year. The government measures to combat the economic fallout of the coronavirus at the same time as revenues are hit by the huge contraction in economic output is a double whammy for the public finances that will push the deficit up to at least 15% of GDP. This is far above the peak of 10.2% in 2009/10 after the GFC.
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