UK government borrowing falls in June as economy reopens

Given that the pandemic put the economy on some sort of war basis, it’s worth noting that it was 2.5 times the size after WWII. The government’s response at the time was not to cut spending, but to initiate the largest expansion in government spending in history. Sixteen years later, in 1961, prosperity was assured, taxes were collected, and both borrowing and debt were rapidly falling.

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