£372 Billion Cost of Covid… So Far

The National Audit Office (NAO) estimates the cost of the pandemic has risen to a stupendous £372 billion, up £100 billion since its last report in January. £172 billion has already been spent and £26 billion worth of guaranteed loans are expected to be written off when businesses collapse after the financial support is withdrawn. The Coronavirus Job Retention Scheme and the Bounce Back Loan Schemes alone have cost £151 billion. The health and social care sector needed £97 billion. Programmes such as the Self Employment Support Scheme came to £55 billion and £65 billion will be spent on support for other public services and emergency responses.

The £372 billion cost of covid to the taxpayer amounts to spending of over £5,000 per head of population. Spending that will inevitably translate into higher taxes…

mdi-timer 17 May 2021 @ 12:31 17 May 2021 @ 12:31 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Public Auditors Blast Ed Davey’s Hinkley Deal

Ed Davey is expected to launch his bid for the LibDem leadership imminently, so it is good timing for the National Audit Office to release their report into his Hinkley Point deal today. Sir Edward was the Energy Secretary pushed though the £18 billion deal and insisted it was good value. The National Audit Office disagrees, this morning calling Hinkley Point “a risky and expensive project” that is “not value for money“. They say the case for the plant is “marginal“. As damning language as it gets…

Even more embarrassingly for Sir Edward, his own party opposes Hinkley Point. LibDem energy spokesman Lynne Featherstone says:

“Failing to call a stop to Hinkley will prove a costly mistake. The opportunity to pull the plug on Hinkley has been missed, and we will all pay for it from our pockets.”

The final humiliation for Davey. Well, depending on how his leadership bid goes…

mdi-timer 23 June 2017 @ 09:56 23 Jun 2017 @ 09:56 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments