Commenting on the Chancellor’s Spending Review, Ian Stewart, chief economist at Deloitte, said:
“Government debt levels are rising in a way that has only ever been seen before in time of war. The UK will have to live with historically high levels of public debt for many years to come. Government activism has hugely mitigated the human cost of the worst economic downturn in 300 years. It would be a remarkable achievement if unemployment peaks at 7.5% as the OBR forecasts, far lower than what it expected in July, and lower than in any major UK recession in the last 100 years. Higher public debt has helped to avoid collapsing household incomes and widespread job losses.”
Notes to editors
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