{"componentChunkName":"component---src-templates-post-js","path":"/biggest-borrowing-since-ww2/","result":{"data":{"ghostPost":{"id":"Ghost__Post__5ebe51bcf3c0ea0039466bff","title":"Biggest borrowing since WW2","slug":"biggest-borrowing-since-ww2","featured":false,"feature_image":"https://images.unsplash.com/photo-1551260627-fd1b6daa6224?ixlib=rb-1.2.1&q=80&fm=jpg&crop=entropy&cs=tinysrgb&w=2000&fit=max&ixid=eyJhcHBfaWQiOjExNzczfQ","excerpt":"The government has spent £123.2 billion so far to tackle coronavirus and its economic impact.","custom_excerpt":"The government has spent £123.2 billion so far to tackle coronavirus and its economic impact.","created_at_pretty":"15 May, 2020","published_at_pretty":"15 May, 2020","updated_at_pretty":"15 May, 2020","created_at":"2020-05-15T08:24:28.000+00:00","published_at":"2020-05-15T08:29:59.000+00:00","updated_at":"2020-05-15T08:29:59.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"Get straight to the good stuff every day with the Multiply Minute; a\nlightning-quick round-up of the money news and how it affects you.\n\nCoronavirus bill\nThe government has spent £123.2 billion\n[https://www.bbc.co.uk/news/business-52662613] so far to tackle coronavirus and\nits economic impact. Annual borrowing is expected to hit 15.2% of GDP to cover\nthe cost; the highest since WW2. Paul Dales, chief UK economist at Capital\nEconomics, described the spending as “good news” for people in the short term,\nbut explains: “We will have to pay for it, either by taxes going up or by\nspending being cut.”\n\nHomebuyers have to wait\nWould-be homebuyers who are trying to get their plans back on track this week\nare facing new delays to getting a mortgage\n[https://www.telegraph.co.uk/personal-banking/mortgages/property-buyers-face-wait-purchase-surveyors-battle-backlog/]\n*. Why? Valuations are a key part of the mortgage approval process, and after\nweeks of shutdown many banks are warning it could take weeks for property\nsurveyors to clear the backlog. Until they do, many lenders are closed to\napplications from new customers.\n\nTube bailout\nTransport for London (TfL) has agreed a £1.6 billion government bailout\n[https://www.cityam.com/tfl-agrees-1-6bn-bailout-deal-with-government/] to keep\nthe lights on and the trains running. Other public transport operators around\nthe country have received similar funding in recent months. TfL had warned that\nit was about to run out of cash, having taken a 95% hit in the money collected\nfrom tube fares during lockdown.\n\nHelp us make the Minute shinier\nWe'd love to hear your feedback [https://multiplyai.typeform.com/to/hmfV6u].","html":"<p>Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.</p><h3 id=\"coronavirus-bill\">Coronavirus bill</h3><p>The government has <a href=\"https://www.bbc.co.uk/news/business-52662613\" rel=\"noopener\">spent £123.2 billion</a> so far to tackle coronavirus and its economic impact. Annual borrowing is expected to hit 15.2% of GDP to cover the cost; the highest since WW2. Paul Dales, chief UK economist at Capital Economics, described the spending as “good news” for people in the short term, but explains: “We will have to pay for it, either by taxes going up or by spending being cut.”</p><h3 id=\"homebuyers-have-to-wait\">Homebuyers have to wait</h3><p>Would-be homebuyers who are trying to get their plans back on track this week are facing new <a href=\"https://www.telegraph.co.uk/personal-banking/mortgages/property-buyers-face-wait-purchase-surveyors-battle-backlog/\" rel=\"noopener\">delays to getting a mortgage</a>*. Why? Valuations are a key part of the mortgage approval process, and after weeks of shutdown many banks are warning it could take weeks for property surveyors to clear the backlog. Until they do, many lenders are closed to applications from new customers.</p><h3 id=\"tube-bailout\">Tube bailout</h3><p>Transport for London (TfL) has agreed a <a href=\"https://www.cityam.com/tfl-agrees-1-6bn-bailout-deal-with-government/\" rel=\"noopener\">£1.6 billion government bailout</a> to keep the lights on and the trains running. Other public transport operators around the country have received similar funding in recent months. TfL had warned that it was about to run out of cash, having taken a 95% hit in the money collected from tube fares during lockdown.</p><h3 id=\"help-us-make-the-minute-shinier\">Help us make the Minute shinier</h3><p>We'd love to hear <a href=\"https://multiplyai.typeform.com/to/hmfV6u\" rel=\"noopener\">your feedback</a>.</p>","url":"https://multiply.ghost.io/biggest-borrowing-since-ww2/","uuid":"be684e6e-0174-4de9-8495-a08ac55e8e8d","page":null,"codeinjection_foot":null,"codeinjection_head":null,"codeinjection_styles":null,"comment_id":"5ebe51bcf3c0ea0039466bff"}},"pageContext":{"slug":"biggest-borrowing-since-ww2"}},"staticQueryHashes":["176528973","2358152166","2561578252","2731221146","4145280475"]}