Government borrowing spiralling out of control, a leading economic think tank has warned.The Institute for Fiscal Studies (IFS) said borrowing this year was already set to hit levels not seen outside the two world wars due to the coronavirus pandemic.As unemployment continues to rise, the IFS said the jobless total could approach three million which is the highest it has been since the early 1990s.The £40 billion would have to be found just to keep the national debt at a standstill.In its “green budget” report, the IFS said that it would be “unwise” for ministers to try to balance the books while the economy still needed support.The warning came after Chancellor Rishi Sunak said last week in his speech to the virtual Conservative Party.
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