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On 28 March, Fitch Ratings downgraded the UK's government debt rating from AA to AA−, because of coronavirus borrowing, economic decline, and lingering uncertainty over Brexit. The ratings agency believed the UK's government deficit for 2020 might equal 9% of gross domestic product (GDP), compared to 2% the previous year. [87]
The COVID-19 Genomics UK Consortium will deliver large-scale, rapid whole genome sequencing of the virus that causes the disease and £260 million to the Coalition for Epidemic Preparedness Innovations to support vaccine development. [142] [143] In April, the UK Government launched a task force to help develop and roll out a coronavirus vaccine.
The UK government had developed a pandemic response plan in previous years. In response to the first confirmed COVID-19 cases in January 2020, the UK introduced advice for travellers coming from affected countries in late January and February 2020, and began contact tracing, although this was later abandoned. [1]
The most recent monthly figures show the government borrowed £11.2bn in November 2024, which was £3.4bn lower than the same month last year and the lowest November figure since 2021.
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The ONS estimated that full-year public sector net borrowing was £120.7 billion in 2023-24, £6.6 billion more than predicted. UK annual government borrowing higher than forecast in blow to ...
Extension of the Coronavirus Job Retention Scheme and Self Employment Income Support Scheme until the end of September; £1.65 billion injection into the COVID-19 vaccine roll-out in England; £28 million to increase the UK's capacity for vaccine testing, clinical trials and improve the UK's ability to acquire samples of new variants of SARS-CoV-2
Britain faces a hole in its budget, with fears cheap borrowing and eventual recovery may not fully close the gap in years to come. Coronavirus: What it means for UK government borrowing and taxes ...