May 13, 2020 / 9:40 AM / 22 days ago

UK's Sunak says it is too soon to talks about post-COVID spending cuts

FILE PHOTO: Chancellor of the Exchequer Rishi Sunak leaves Downing Street, following the outbreak of the coronavirus disease (COVID-19), London, Britain, May 4, 2020. REUTERS/John Sibley/File Photo

LONDON (Reuters) - British finance minister Rishi Sunak said it was too soon to look at how to fund the longer-term financing cost of measures to mitigate the impact of COVID-19, following a newspaper report that officials were recommending tax rises or spending cuts.

“It’s premature right now to speculate about that far in the future. We are living through a time of unprecedented economic uncertainty,” Sunak told Sky News on Wednesday.

The Daily Telegraph newspaper said officials had told Sunak that 25-30 billion pounds of tax rises or spending cuts would be needed to cover extra borrowing costs under its main scenario, rising to 90 billion pounds in a potential worst case.

Reporting by David Milliken and Alistair Smout; editing by Michael Holden

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