The total Covid-19 support package amounted to £352 billion.
And that means that this year the Government has borrowed a “record” £355 billion, the equivalent of 17% of the UK’s national income.
He told MPs: “Next year, as we continue our unprecedented response to this crisis, borrowing is forecast to be £234 billion, 10.3% of GDP – an amount so large it has only one rival in recent history – this year.”
Borrowing will fall to 4.5% of GDP in 2022/23, 3.5% in 2023/24 then 2.9% and 2.8% in the following two years due to action he is taking.
He told MPs: “While underlying debt rises from 88.8% of GDP this year to 93.8% next year, it then peaks at 97.1% in 2023/24, before stabilising and falling slightly to 97% and 96.8% in the final two years of the forecast.”
The Chancellor went on: “The amount we’ve borrowed is only comparable with the amount we borrowed during the two world wars. It is going to be the work of many governments, over many decades, to pay it back.
“Just as it would be irresponsible to withdraw support too soon, it would also be irresponsible to allow our future borrowing and debt to rise unchecked. When crises come, we need to be able to act. And we need the fiscal freedom to act. A freedom that you only have if you start with public finances in a good place.”