Bbc News
@bbcnews·20.1M subscribers·32.9K videos
Coronavirus crisis: govt borrowing hits record level - BBC News
Posted
May 22, 2020
Views
70,250
Likes
513
Comments
240
Engagement
1.07%
May 22, 2020
70,250
513
240
1.07%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
7:15Now PlayingGovernment borrowing has surged to its highest level on record, underlining the scale of the economic damage caused by the coronavirus pandemic.
The deficit, the difference between government spending and tax receipts, soared to more than £62 billion in April, due to the level of financial support provided by the Treasury, to help businesses and employees through the crisis.
The hole in the government finances wasn't helped by a big drop in retail sales. They plummeted by a record amount in April, as many high street stores closed in the coronavirus lockdown. Clothing sales were hit hardest, down more than 50 per cent, although online spending online rose.
The company which owns the coach firm Shearings has gone into administration. The Specialist Leisure Group, which is based in Wigan and employs more than 2,500 people also runs the brands UK Breakaways, Caledonian Travel and Country Living Hotels.
Clive Myrie presents BBC News at Ten reports from Economics Editor Faisal Islam, Business Correspondent Emma Simpson and Judith Moritz in Wigan.
Please subscribe HERE
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
