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Rishi Sunak POLL: As experts warn YOU will pay the price, do you support £30bn splurge?

“Now what I think that means is that once we’re through the crisis phase, once the economy has established its new normal, we are probably going to find that the economy is not as big as what it would have been had the coronavirus never hit.

“If that’s the case, and it’s very likely to be the case, revenues will still be depressed, and if we want to try then to bring the deficit back to where it would have been absent the crisis we will need to do some spending cuts, or given a decade of austerity, perhaps more likely some tax rises.”

The Treasury has acknowledged the UK faces mammoth costs from the emergency recovery plans announced so far, but has so far insisted “the costs of failing to act to support public services, businesses, and workers would have been much higher”.

But the UK economy is forecast to collapse into its deepest recession in recent history as the coronavirus crisis and enforced nationwide lockdown blows a huge hole in the country’s finances.

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