UK borrowing surges and car production slumps as Covid-19 costs mount – business live

UK borrowing has hits a new record high this year, and car production almost halved

11.48am BST

Bar chain Revolution has announced it could be forced to shut some of its establishments, due to the government’s new Covid-109 restrictions.

The Board is currently evaluating the potential impact of the latest developments on the Group’s business before deciding what the next steps should be. One of the potential options being explored is a reduction in the size of the Group’s estate by the implementation of a company voluntary arrangement (“CVA”).

No decisions have yet been made and there is much further work to complete before the Board decides on any appropriate course of action. Revolution has a strong balance sheet following the £15m equity fundraising and the extension of its banking facilities announced in June but the Board believes that the long term nature and potential impact of the latest operating restrictions means that it must consider all necessary options to ensure that its business remains viable.

Related: Coronavirus: pubs and restaurants across England to be forced to shut at 10pm

(10pm curfew just meant everyone rolling out onto the streets and onto the tubes at the same time and it was the busiest I’ve seen central London in months)

11.17am BST

The chief secretary to the Treasury, Steve Barclay, has been forced to defend the emergency measures announced by Rishi Sunak yesterday, amid criticism that they won’t prevent an unemployment crisis this winter.

Barclay told Sky News that “regretfully”, every job can’t be saved, just as today’s borrowing figures came out.

There’s a whole range of investment going into the economy in those sectors while we protect as many of those jobs that are viable, that people have been protected in initially through the furlough and now through the winter package.

“It is right that we also look at the cost to the wider economy, these measures come at a significant fiscal cost and that’s why it’s right we target those jobs that are viable during what is going to be sadly a difficult winter.”

Related: UK borrowing surges as Covid pushes national debt to record £2.024tn

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