April 30, 2020 / 11:21 AM / 25 days ago

UK coronavirus measures to cost 104 bln pounds in 2020-21 - OBR

LONDON, April 30 (Reuters) - British government tax and spending measures to limit the impact of the coronavirus will increase cash borrowing by 103.7 billion pounds ($129.7 billion) this financial year, the country’s budget watchdog said on Thursday.

The sum - made up of 99.3 billion pounds in extra spending and 4.4 billion pounds of tax cuts - is slightly higher than an estimate of 99.7 billion pounds which the OBR published two weeks ago.

“The measures are designed specifically to support the economy through this temporary shock and so they should help prevent greater economic and fiscal damage in the long term,” the OBR said. ($1 = 0.7994 pounds) (Reporting by David Milliken Editing by William Schomberg)

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