Chancellor Sunak will need a Plan B.
The coronavirus pandemic has hit public finances like a war. Across the world governments have scrambled to offset the economic and social impact of the virus. Huge, and necessary, rises in public spending have pushed government deficits to levels not seen since the two world wars of the 20th century.
The numbers are enormous: UK government debt now tops £2trn1 whilst the US owes an eyewatering $26trn.2 The picture is similar across Europe, with many other countries also seeing debt/GDP ratios rising to over 100%.3