Rishi Sunak, the chancellor, told his colleagues today that the OBR forecasts showing the impact of the coronavirus crisis on the economy would be a “sobering read”.
A No 10 spokesman said: “Cabinet was told the OBR forecasts will show the impact the coronavirus pandemic has had on our economy and they will make for a sobering read, showing the extent to which the economy has contracted and the scale of borrowing and debt levels.”
But, as the IMF, OBR and others have pointed out, the costs would have been much higher had we not acted in the way we have done.
According to the spokesman, Sunak also told cabinet the spending review had three priorities.
1. To protect people’s lives and livelihoods providing the support they need to get through Covid.
2. To make good on our promise to deliver strong public services by investing in schools, hospitals our police force and more.
3. To deliver our record investment plans in infrastructure to level up and spread opportunity across the United Kingdom. Our plan is to deliver the highest sustained levels of govt investment in almost half a century.