Economists predict borrowing for the full financial year will be close to £400 billion — a gargantuan overdraft by any standard. But the Bank of England believes the unemployment rate will peak at 7.75 per cent in the second quarter of next year. At the worst of the 2008 financial crisis, the economy shrank by ‘only’ 5 per cent. This is on top of the £445 billion of QE carried out in the financial crisis, which is still on the books. £65.5 BILLION BANK LOAN BINGEHigh Street banks have now been granted £65.5 billion under Government-backed schemes to more than 1.5 million businesses.

Source: Daily Mail November 22, 2020 22:25 UTC