Rishi Sunak says Covid economic emergency has only just begun

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Chancellor says in spending review that UK will have to keep spending despite record peacetime borrowing

Rishi Sunak has warned Britain that its Covid-19 economic emergency has only just begun after responding to news of the deepest slump in more than 300 years by pledging a fresh £55bn to tackle the pandemic.

On the day that the daily death toll from the virus reached a new second-wave peak of 696, the chancellor said that despite borrowing a peacetime record of £394bn this year he would need to carry on spending in order to protect lives and livelihoods.

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