It is vital the UK keeps a lid on borrowing as much as possible following the financial crisis, especially given the existing expense of an ageing population, says Professor Philip Booth, Senior Academic Fellow at the Institute of Economic Affairs.

The Daily Telegraph reported comments Professor Booth made giving evidence to the Treasury Select Committee on the economic impact of coronavirus, where he added “that doesn’t mean to say we should bear the cost and pay down this debt immediately, that would be suicidal, but we also should not be sanguine about it.”

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