Laura Sharman 21 April 2020

Coronavirus could cost Government £246bn this year, think tank warns

The coronavirus crisis is likely to cost the Government £246bn this year, a think tank has predicted.

A new report from the Centre for Policy Studies (CPS) reveals borrowing could hit £300bn this year, double the UK's current level of healthcare spending.

The think tank estimates that a three-month lockdown followed by three months of looser restrictions will cost £127bn in direct bailout costs and £119bn in indirect costs such as lower tax revenue.

Robert Colvile, director of the Centre for Policy Studies, said: 'The Government has acted throughout this crisis to save lives and protect livelihoods. But while it is clear to everyone that extraordinary times require extraordinary measures, they also incur extraordinary costs. It is vital to get the most accurate possible picture of the burden the Government is taking on in order to assess the full scale of the rebuilding that lies ahead.'

Caroline Elsom, senior researcher at the Centre for Policy Studies, added: 'Counting the full cost of the coronavirus outbreak is vital to managing the ongoing crisis and planning future steps. As the economic impact becomes clearer, we will continue to track what this means for our public finances to help steer the country through to recovery.'

These figures don't include yesterday's announcement of £1.25bn for start-ups.

SIGN UP
For your free daily news bulletin
Highways jobs

PRINCIPAL TRANSPORT PLANNING OFFICER

Hull City Council
£43693 - £46731
We have an exciting opportunity for an experienced professional to join our team in Hull as a Principal Transport Planning Officer. Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council

HIGHWAYS AND TRAFFIC ENGINEER - 4 POSTS

Hull City Council
£43693 - £46731
We have several exciting opportunities for suitably qualified Highways Civil Engineers and Traffic Engineers Wilson Centre, 1st floor, Hull HU1 2AG
Recuriter: Hull City Council

Strategic Director, Finance and Resources (S.151 Officer)

Blackburn with Darwen Borough Council
£110,799 - £120,706
Blackburn with Darwen is a distinctive, welcoming and vibrant borough with a strong identity and a genuine buzz about the place. Blackburn, Lancashire
Recuriter: Blackburn with Darwen Borough Council

Residential Worker, Edge of Care Service

Durham County Council
Grade 7 £29,093 - £32,654 PAY AWARD PENDING
Join a Groundbreaking Team Supporting Families in Seaham Salary
Recuriter: Durham County Council

Bikeability Cycling Instructor

Durham County Council
Grade 4 £24,790 to £25,992 pro rata (Pay Award Pending)
The Road Safety Team are keen to recruit additional Casual Bikability Instructors to join our team of instructors delivering Bikeability cycle trainin Durham
Recuriter: Durham County Council
Linkedin Banner