Chancellor Rishi Sunak:

“What degree of long term scarring as a result of this recession? ... The q is what do we return to? ... The jury is out.

“The longer the recession, the likelihood the degree of scarring is higher.

Sunak cont/

Chancellor makes clear he’s very alert to all the negative consequences of lockdown

- Cancer referrals down
- Unemployment leading to chronic health conditions
- Children learning lost

Sunak cont/

Chancellor embraces OBR estimate of 100bn emergency spending on Coronavirus schemes and help

(He doesnt put a cost on job retention scheme tho experts say perhaps £50-60bn)

Sunak cont/

The biggest unknown is on the tax side - how much revenue will be forgot.

“That picture will only be clearer on the weeks and months ahead”