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  • Writer's picturePhil

The OBR report is worth a quick speed read if you have 20 mins to kill

Updated: Jul 19, 2023

Q2 GDP down 35% on Q1, but bounces back quickly when lockdown is lifted

Govt net borrowing soars to £273bn, or 14% of GDP - far higher than at the worst of the 2008-9 crisis, which peaked at roughly 10% of GDP

Public sector net debt soars above 100% of GDP during the downturn, settling back at a still high 95%.

Govt's payroll scheme alone is likely to cost £14bn per month.

GDP falling 13% in 2020 would be worse than not only the financial crisis in 2008, but also worse than both world wars (per the OBR report!)

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