March 17, 2020 / 10:16 AM / 19 days ago

UK probably faces smaller hit from coronavirus than financial crisis-OBR

LONDON, March 17 (Reuters) - Britain is probably facing a smaller economic hit from the spread of coronavirus than it did from the global financial crisis of 2007-09 although some companies will not survive the downturn, the country’s independent budget office said.

Robert Chote, head of the Office for Budget Responsibility, said an increase in public borrowing to offset some of the lost business in the private sector would be large but temporary, and he hoped the long-term economic “scarring” from the crisis would be small. (Reporting by David Milliken Writing by William Schomberg; editing by Guy Faulconbridge)

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