Reflecting on chaos of early pandemic, former chancellor said it was ‘acutely stressful’ to see rising interest bill on government bonds Rishi Sunak was concerned about the UK’s ability to fund itself in March 2020 after the government announced rescue measures costing tens of billions of pounds to prevent mass redundancies, the Covid-19 pandemic inquiry has heard. The former prime minister, who was chancellor when the first UK lockdown was announced, said he feared foreign investors had become more concerned about Britain’s ability to pay its way than other countries in a similar situation. Continue reading...

Former chancellor and prime minister will answer questions on the economic impact of the pandemic The pandemic caused a severe recession, with a huge drop in GDP during the first national lockdown in 2020. As part of the Coronavirus Job Retention Scheme, known as furlough, the government subsidised the wages of employees hit by the pandemic as sectors – such as hospitality, nightclubs and the travel industry – closed down to prevent the virus from spreading. Continue reading...