THE Centre for Policy Studies think tank has set up a ‘coronavirus counter’ to estimate the financial cost to the government of its coronavirus response and policies.
This morning brought the CPS’s first announcement of a direct and indirect cost this year so far of £246billion. This, they say, could bring total borrowing this year to an unprecedented £300billion – approximately 15 per cent of GDP and nearly double UK public expenditure on health, which came to £150billion in 2017/18 and £153billion 2018/19.
Though the CPS chose to announce this as the cost of coronavirus, it is not. The Covid-19 virus didn’t cause this ruinous expenditure. The government’s policy in reaction to the virus has.
It is a critical difference.
A full breakdown and calculations of the costs will available on the Centre for Policy Studies website.