The UK is set to sell off more than half a trillion pounds worth of debt in the coming year, the Treasury’s Debt Management Organisation (DMO) has announced amid an unprecedented surge in spending from the government.
Boris Johnson has repeatedly insisted he will not return the country to the austerity measures used to mitigate the recession prompted by the 2008 financial crash, but instead drive towards spending out of the financial crisis brought on by the coronavirus.
Now the government agency responsible for the nation’s debt has said it will increase the planned amount to raise £385bn in the first eight months of the current financial year through bond sales.
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The figure builds on previously planned gilt sales of £275bn for the April to August period.
Martin Beck, lead UK economist at Oxford Economics told The Financial Times: “This is a startlingly high number.
1/50 16 July 2020
Red Arrows do a flypast during the Graduation Ceremony of the Queen’s Squadron at RAF College Cranwell, Lincolnshire
The Daily Telegraph/PA
2/50 15 July 2020
Jen Reid poses in front of a black resin and steel statue titled ‘A Surge of Power (Jen Reid) 2020’, which is based on her by Marc Quinn, where it has been installed on the vacant Edward Colston plinth in Bristol city centre. The original statue was pulled down and thrown into Bristol Harbour during Black Lives Matter protests
PA
3/50 14 July 2020
Fields of echium and borage in full flower near the town of Thaxted in Essex
PA
4/50 13 July 2020
People ride a rollercoaster in a theme park next to Southend pier. Many businesses in tourism and hospitality have been able to reopen after some lockdown measures were eased
Getty
5/50 12 July 2020
West Indies’s John Campbell and Jason Holder celebrate winning the test as England’s Rory Burns and teammates look on dejected
Reuters
6/50 11 July 2020
Chicldren play in the water during a cricket match between Abinger and Worplesdon & Nurpham in Abinger Hammer, Surrey
Reuters
7/50 10 July 2020
People gather for the funeral of Dame Vera Lynn in Ditchling, England. During World War II she travelled to the frontlines, including Burma, entertaining British troops and boosting morale. She died on 18 June at her home in West Sussex
Getty
8/50 9 July 2020
Artist Anish Kapoor looks into his sculpture ‘Sky Mirror’ at Houghton Hall, King’s Lynn, ahead of the opening of his largest UK exhibition of outdoor sculptures
PA
9/50 8 July 2020
Players take a knee in support of the Black Lives Matter movement on the first day of the first Test cricket match between England and the West Indies at the Ageas Bowl in Southampton
AFP via Getty
10/50 7 July 2020
A circus performer from the Association of Circus Proprietors in Whitehall, London. The association handed a petition to Downing Street to ask Prime Minister Boris Johnson to allow circuses to reopen
EPA
11/50 6 July 2020
Bamburgh Castle in Northumberland, which re-opened to the public after being closed due to the coronavirus lockdown
PA
12/50 5 July 2020
People visit Columbia Road Flower Market, London, as it reopens following the easing of coronavirus lockdown restrictions across England
PA
13/50 4 July 2020
A member of bar staff wearing PPE in the form of a face mask, pours drinks inside the The Goldengrove in Stratford
AFP via Getty
14/50 3 July 2020
Cardboard cutouts of fans in the stands prior to the League One play-off semi final match between Portsmouth and Oxford United at Fratton Park
PA
15/50 2 July 2020
A diver cleans the inside window of the seal tank at Tynemouth Aquarium in North Shields, as it prepares to open on Saturday after further coronavirus lockdown restrictions are lifted in England
PA
16/50 1 July 2020
Slackliner Sandor Nagy practices on the beach in Boscombe, on the south coast of England
AFP via Getty
17/50 30 June 2020
(left to right) Sinn Fein leader Mary Lou McDonald, former Sinn Fein leader Gerry Adams, and Deputy First Minister Michelle O’Neill attending the funeral of senior Irish Republican and former leading IRA figure Bobby Storey in west Belfast
PA
18/50 29 June 2020
Former Team GB Rhythmic Gymnastic dancer Hannah Martin during a training session at Ouse Valley Viaduct in Sussex
Reuters
19/50 28 June 2020
People visit Bolton Abbey in Yorkshire, that recently reopened following the easing of coronavirus lockdown restriction
PA
20/50 27 June 2020
A protest for Justice for Shukri Abdi on Trafalgar Square in London, following a raft of Black Lives Matter protests across the UK
PA
21/50 26 June 2020
Police at the scene of an incident at the Park Inn Hotel in central Glasgow. Scottish police said armed officers shot dead a man after a suspected stabbing in the city centre left six others injured, including one of their colleagues. Several roads were closed and the surrounding area was cordoned off
AFP via Getty
22/50 25 June 2020
A horse is washed down at Haydock Racecourse
PA
23/50 24 June 2020
People enjoy the hot weather on Margate beach
Reuters
24/50 23 June 2020
Tony Bennett the owner of The Devereux pub in Temple, London. Pub and hospitality bosses have cheered the Government’s proposals to allow customers through their doors again on July 4 as “a welcome relief”. PA Photo. Picture date: Tuesday June 23, 2020. Prime Minister Boris Johnson said on Tuesday that pubs, restaurants and cinemas will be able to reopen from July 4, with “one metre-plus” distancing measures in place
PA
25/50 22 June 2020
Police forensics officers carry out a search near Forbury Gardens, in Reading town centre, the scene of a multiple stabbing attack which took place at around 7pm on Saturday, leaving three people dead and another three seriously injured
PA
26/50 21 June 2020
Soccer Football – Premier League – Everton v Liverpool – Goodison Park, Liverpool, Britain – June 21, 2020 Children play football outside the stadium before the match, as play resumes behind closed doors following the outbreak of the coronavirus disease (COVID-19)
Action Images via Reuters
27/50 20 June 2020
Arsenal’s midfielder Nicolas Pepe kneels before the Premier League match against Brighton and Hove Albion at the American Express Community Stadium in southern England
AFP via Getty
28/50 19 June 2020
Bianca Walkden during a training session at the National Taekwondo Centre in Manchester
PA
29/50 18 June 2020
French President Emmanuel Macron gestures about social distancing alongside Prime Minister Boris Johnson as he arrives at Downing Street for a meeting. Macron also visited London to commemorate the 80th anniversary of former French president Charles de Gaulle’s appeal to French people to resist the Nazi occupation during World War II
AFP
30/50 17 June 2020
Players kneel, as well as, having ‘Black Lives Matter’ in place of names on their shirts prior to the start of the Premier League match between Aston Villa and Sheffield United at Villa Park in Birmingham. The league resumed after its three-month suspension because of coronavirus
AP
31/50 16 June 2020
Motakhayyel ridden by Jim Crowley, right, wins the Buckingham Palace Handicap during day one of Royal Ascot. This year, the flat racing’s biggest meeting, is behind closed doors due to the coronavirus outbreak
PA
32/50 15 June 2020
Queues form at Primark at the Rushden Lakes shopping complex after the government relaxed coronavirus lockdown laws significantly, allowing zoos, safari parks and non-essential shops to open to visitors
Getty
33/50 14 June 2020
A man kneels at a commemoration to mark the third anniversary of the Grenfell Tower fire in London. The fire claimed 72 lives on 14 June 2017
PA
34/50 13 June 2020
Protesters confront police in Whitehall near Parliament Square, during a protest by the Democratic Football Lads Alliance
PA
35/50 12 June 2020
A Black Lives Matter supporter sings to crowds who marched with her in front of the National Gallery in Trafalgar Square in London. The death of an African American man, George Floyd, while in the custody of Minneapolis police has sparked protests across the United States, as well as demonstrations of solidarity in many countries around the world
Getty
36/50 11 June 2020
Scouts show their support at the Lord Baden-Powell statue in Poole. The statue of Robert Baden-Powell on Poole Quay is to be placed in “safe storage” following concerns about his racial views
Getty
37/50 10 June 2020
Social distancing markers around the penguin enclosure at London Zoo. Staff have been preparing and are now ready for reopening next week with new signage, one-way trails for visitors to follow, and extra handwashing and sanitiser stations in place
PA
38/50 9 June 2020
Protestors hold placards and shout slogans during during a protest called by the Rhodes Must Fall campaign calling for the removal of the statue of British imperialist Cecil John Rhodes outside Oriel College, at the University of Oxford
AFP via Getty
39/50 8 June 2020
Hermione Wilson helps to install a new artwork at Jupiter Artland, Edinburgh, created as a tribute to the NHS titled “A Thousand Thank Yous” originally devised by the late Allan Kaprow which consists of colourful painted messages on cardboard and has been directed remotely by London-based artist Peter Liversidge
PA
40/50 7 June 2020
The Edward Colston statue has been pulled down by Black Lives Matter protesters in Bristol. Colston was a 17th century slave trader who has numerous landmarks named after him in Bristol
SWNS
41/50 6 June 2020
Children pose for their family in front of discarded placards fixed on a wall in Piccadilly Gardens after a Black Lives Matter demonstrations in Manchester. The death of an African-American man, George Floyd, while in the custody of Minneapolis police has sparked protests across the United States, as well as demonstrations of solidarity in many countries around the world
Getty
42/50 5 June 2020
Protesters kneel in Trafalgar Square during a Black Lives Matter demonstration in London, England. The death of an African-American man, George Floyd, while in the custody of Minneapolis police has sparked protests across the United States, as well as demonstrations of solidarity in many countries around the world
Getty
43/50 4 June 2020
Protestors march from Windsor Castle in solidarity with the Black Lives Matter movement
Getty
44/50 3 June 2020
People wearing face masks hold banners in Hyde Park during a Black Lives Matter protest following the death of George Floyd who died in police custody in Minneapolis
Reuters
45/50 2 June 2020
Street artist Nath Murdoch touches up his anti-racism mural in Peterborough, Cambridgeshire
PA
46/50 1 June 2020
Customers socially distance themselves as they queue to enter Ikea in Warrington. The store opening saw large queues of people and traffic on adjacent roads as it reopened after the lockdown. The furniture and housewares chain reopened its stores across England and Northern Ireland subject to several restrictions, keeping its restaurants closed and asking customers to shop alone
Getty
47/50 31 May 2020
A man wearing a protective face mask kneels in front of police officers during a protest against the death in Minneapolis police custody of African-American man George Floyd near the U.S. Embassy, London, Britai
Reuters
48/50 30 May 2020
Visitors at Grassholme Reservoir in Lunedale, Co Durham are able to cross an ancient packhorse bridge as work on the dam wall means water levels have dropped signifcantly to reveal this monument of the pas
UK
49/50 29 May 2020
British Tennis player Maia Lumsden in action at Bridge of Allan Tennis Club. People can meet family and friends outdoors and play sports such as golf and tennis again as the country is moving into phase one of the Scottish Government’s plan for gradually lifting lockdown
PA
50/50 28 May 2020
A police frogman, searches for a weapon in Abington Lake in in Northampton
Getty
1/50 16 July 2020
Red Arrows do a flypast during the Graduation Ceremony of the Queen’s Squadron at RAF College Cranwell, Lincolnshire
The Daily Telegraph/PA
2/50 15 July 2020
Jen Reid poses in front of a black resin and steel statue titled ‘A Surge of Power (Jen Reid) 2020’, which is based on her by Marc Quinn, where it has been installed on the vacant Edward Colston plinth in Bristol city centre. The original statue was pulled down and thrown into Bristol Harbour during Black Lives Matter protests
PA
3/50 14 July 2020
Fields of echium and borage in full flower near the town of Thaxted in Essex
PA
4/50 13 July 2020
People ride a rollercoaster in a theme park next to Southend pier. Many businesses in tourism and hospitality have been able to reopen after some lockdown measures were eased
Getty
5/50 12 July 2020
West Indies’s John Campbell and Jason Holder celebrate winning the test as England’s Rory Burns and teammates look on dejected
Reuters
6/50 11 July 2020
Chicldren play in the water during a cricket match between Abinger and Worplesdon & Nurpham in Abinger Hammer, Surrey
Reuters
7/50 10 July 2020
People gather for the funeral of Dame Vera Lynn in Ditchling, England. During World War II she travelled to the frontlines, including Burma, entertaining British troops and boosting morale. She died on 18 June at her home in West Sussex
Getty
8/50 9 July 2020
Artist Anish Kapoor looks into his sculpture ‘Sky Mirror’ at Houghton Hall, King’s Lynn, ahead of the opening of his largest UK exhibition of outdoor sculptures
PA
9/50 8 July 2020
Players take a knee in support of the Black Lives Matter movement on the first day of the first Test cricket match between England and the West Indies at the Ageas Bowl in Southampton
AFP via Getty
10/50 7 July 2020
A circus performer from the Association of Circus Proprietors in Whitehall, London. The association handed a petition to Downing Street to ask Prime Minister Boris Johnson to allow circuses to reopen
EPA
11/50 6 July 2020
Bamburgh Castle in Northumberland, which re-opened to the public after being closed due to the coronavirus lockdown
PA
12/50 5 July 2020
People visit Columbia Road Flower Market, London, as it reopens following the easing of coronavirus lockdown restrictions across England
PA
13/50 4 July 2020
A member of bar staff wearing PPE in the form of a face mask, pours drinks inside the The Goldengrove in Stratford
AFP via Getty
14/50 3 July 2020
Cardboard cutouts of fans in the stands prior to the League One play-off semi final match between Portsmouth and Oxford United at Fratton Park
PA
15/50 2 July 2020
A diver cleans the inside window of the seal tank at Tynemouth Aquarium in North Shields, as it prepares to open on Saturday after further coronavirus lockdown restrictions are lifted in England
PA
16/50 1 July 2020
Slackliner Sandor Nagy practices on the beach in Boscombe, on the south coast of England
AFP via Getty
17/50 30 June 2020
(left to right) Sinn Fein leader Mary Lou McDonald, former Sinn Fein leader Gerry Adams, and Deputy First Minister Michelle O’Neill attending the funeral of senior Irish Republican and former leading IRA figure Bobby Storey in west Belfast
PA
18/50 29 June 2020
Former Team GB Rhythmic Gymnastic dancer Hannah Martin during a training session at Ouse Valley Viaduct in Sussex
Reuters
19/50 28 June 2020
People visit Bolton Abbey in Yorkshire, that recently reopened following the easing of coronavirus lockdown restriction
PA
20/50 27 June 2020
A protest for Justice for Shukri Abdi on Trafalgar Square in London, following a raft of Black Lives Matter protests across the UK
PA
21/50 26 June 2020
Police at the scene of an incident at the Park Inn Hotel in central Glasgow. Scottish police said armed officers shot dead a man after a suspected stabbing in the city centre left six others injured, including one of their colleagues. Several roads were closed and the surrounding area was cordoned off
AFP via Getty
22/50 25 June 2020
A horse is washed down at Haydock Racecourse
PA
23/50 24 June 2020
People enjoy the hot weather on Margate beach
Reuters
24/50 23 June 2020
Tony Bennett the owner of The Devereux pub in Temple, London. Pub and hospitality bosses have cheered the Government’s proposals to allow customers through their doors again on July 4 as “a welcome relief”. PA Photo. Picture date: Tuesday June 23, 2020. Prime Minister Boris Johnson said on Tuesday that pubs, restaurants and cinemas will be able to reopen from July 4, with “one metre-plus” distancing measures in place
PA
25/50 22 June 2020
Police forensics officers carry out a search near Forbury Gardens, in Reading town centre, the scene of a multiple stabbing attack which took place at around 7pm on Saturday, leaving three people dead and another three seriously injured
PA
26/50 21 June 2020
Soccer Football – Premier League – Everton v Liverpool – Goodison Park, Liverpool, Britain – June 21, 2020 Children play football outside the stadium before the match, as play resumes behind closed doors following the outbreak of the coronavirus disease (COVID-19)
Action Images via Reuters
27/50 20 June 2020
Arsenal’s midfielder Nicolas Pepe kneels before the Premier League match against Brighton and Hove Albion at the American Express Community Stadium in southern England
AFP via Getty
28/50 19 June 2020
Bianca Walkden during a training session at the National Taekwondo Centre in Manchester
PA
29/50 18 June 2020
French President Emmanuel Macron gestures about social distancing alongside Prime Minister Boris Johnson as he arrives at Downing Street for a meeting. Macron also visited London to commemorate the 80th anniversary of former French president Charles de Gaulle’s appeal to French people to resist the Nazi occupation during World War II
AFP
30/50 17 June 2020
Players kneel, as well as, having ‘Black Lives Matter’ in place of names on their shirts prior to the start of the Premier League match between Aston Villa and Sheffield United at Villa Park in Birmingham. The league resumed after its three-month suspension because of coronavirus
AP
31/50 16 June 2020
Motakhayyel ridden by Jim Crowley, right, wins the Buckingham Palace Handicap during day one of Royal Ascot. This year, the flat racing’s biggest meeting, is behind closed doors due to the coronavirus outbreak
PA
32/50 15 June 2020
Queues form at Primark at the Rushden Lakes shopping complex after the government relaxed coronavirus lockdown laws significantly, allowing zoos, safari parks and non-essential shops to open to visitors
Getty
33/50 14 June 2020
A man kneels at a commemoration to mark the third anniversary of the Grenfell Tower fire in London. The fire claimed 72 lives on 14 June 2017
PA
34/50 13 June 2020
Protesters confront police in Whitehall near Parliament Square, during a protest by the Democratic Football Lads Alliance
PA
35/50 12 June 2020
A Black Lives Matter supporter sings to crowds who marched with her in front of the National Gallery in Trafalgar Square in London. The death of an African American man, George Floyd, while in the custody of Minneapolis police has sparked protests across the United States, as well as demonstrations of solidarity in many countries around the world
Getty
36/50 11 June 2020
Scouts show their support at the Lord Baden-Powell statue in Poole. The statue of Robert Baden-Powell on Poole Quay is to be placed in “safe storage” following concerns about his racial views
Getty
37/50 10 June 2020
Social distancing markers around the penguin enclosure at London Zoo. Staff have been preparing and are now ready for reopening next week with new signage, one-way trails for visitors to follow, and extra handwashing and sanitiser stations in place
PA
38/50 9 June 2020
Protestors hold placards and shout slogans during during a protest called by the Rhodes Must Fall campaign calling for the removal of the statue of British imperialist Cecil John Rhodes outside Oriel College, at the University of Oxford
AFP via Getty
39/50 8 June 2020
Hermione Wilson helps to install a new artwork at Jupiter Artland, Edinburgh, created as a tribute to the NHS titled “A Thousand Thank Yous” originally devised by the late Allan Kaprow which consists of colourful painted messages on cardboard and has been directed remotely by London-based artist Peter Liversidge
PA
40/50 7 June 2020
The Edward Colston statue has been pulled down by Black Lives Matter protesters in Bristol. Colston was a 17th century slave trader who has numerous landmarks named after him in Bristol
SWNS
41/50 6 June 2020
Children pose for their family in front of discarded placards fixed on a wall in Piccadilly Gardens after a Black Lives Matter demonstrations in Manchester. The death of an African-American man, George Floyd, while in the custody of Minneapolis police has sparked protests across the United States, as well as demonstrations of solidarity in many countries around the world
Getty
42/50 5 June 2020
Protesters kneel in Trafalgar Square during a Black Lives Matter demonstration in London, England. The death of an African-American man, George Floyd, while in the custody of Minneapolis police has sparked protests across the United States, as well as demonstrations of solidarity in many countries around the world
Getty
43/50 4 June 2020
Protestors march from Windsor Castle in solidarity with the Black Lives Matter movement
Getty
44/50 3 June 2020
People wearing face masks hold banners in Hyde Park during a Black Lives Matter protest following the death of George Floyd who died in police custody in Minneapolis
Reuters
45/50 2 June 2020
Street artist Nath Murdoch touches up his anti-racism mural in Peterborough, Cambridgeshire
PA
46/50 1 June 2020
Customers socially distance themselves as they queue to enter Ikea in Warrington. The store opening saw large queues of people and traffic on adjacent roads as it reopened after the lockdown. The furniture and housewares chain reopened its stores across England and Northern Ireland subject to several restrictions, keeping its restaurants closed and asking customers to shop alone
Getty
47/50 31 May 2020
A man wearing a protective face mask kneels in front of police officers during a protest against the death in Minneapolis police custody of African-American man George Floyd near the U.S. Embassy, London, Britai
Reuters
48/50 30 May 2020
Visitors at Grassholme Reservoir in Lunedale, Co Durham are able to cross an ancient packhorse bridge as work on the dam wall means water levels have dropped signifcantly to reveal this monument of the pas
UK
49/50 29 May 2020
British Tennis player Maia Lumsden in action at Bridge of Allan Tennis Club. People can meet family and friends outdoors and play sports such as golf and tennis again as the country is moving into phase one of the Scottish Government’s plan for gradually lifting lockdown
PA
50/50 28 May 2020
A police frogman, searches for a weapon in Abington Lake in in Northampton
Getty
“The financial crisis had already changed our mindset about what constitutes a high level of public debt, but this crisis has totally blown that out of the water.”
The government’s coronavirus response has seen billions plunged into the economy – with one assessment in early June putting the expenditure up to that point at more than £190bn.
It comes after the chancellor’s plan to invest in jobs to tackle the coronavirus crisis was assessed to involve £10bn less spending on previously planned projects – according to analysis by the Institute of Fiscal Studies (IFS).
The institute’s research revealed that the proposals – which Rishi Sunak said could amount to up to £30bn of support – are partly funded by spending cuts on previously planned projects and investments which are now deemed less of a priority or infeasible given the Covid-19 plan.
IFS associate director David Phillips said: “In its summer economic update last week, the UK government launched its £30bn Plan for Jobs.
“What it didn’t say was that almost £8bn of that is to be paid for by spending less than previously planned on other things.
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However the Treasury rejected the think-tank’s analysis about funding being diverted from previously planned projects.
“This suggestion is wrong,” a Treasury spokesman said. “The Treasury has approved additional activity by departments as part of the plan for jobs.”
But the Treasury acknowledged that “it’s true that some other projects are underspending across government – this is not unusual in normal times – and not surprising in a global pandemic”.
Additional reporting by Press Association
