UK to Issue Over $220 Billion Worth of Bonds in Three Months Amid Coronavirus Spending

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The situation in the United Kingdom remains tense, with over 133,000 confirmed COVID-19 cases and 18,100 fatalities after the last evaluation by the Office for National Statistics

London plans to issue 180 billion pounds worth ($222.4 billion) of bonds between May and July amid growing spending for public health due to the pandemic, the UK Debt Management Office announced on Thursday.

“This higher volume of issuance is not expected to be required across the remainder of the financial year”, the Finance Ministry stated.

This step means that the UK expects to sell more bonds in three months than was planned for the whole year, as the previous plans stipulated there would only be 156.1 billion pounds worth of bonds ($192.75 billion) issued between April 2020 and March 2021.

The news comes as the opposition slammed the government, urging to hold an inquiry into the Cabinet’s response to the COVID-19 crisis. According to Labour and Lib Dem politicians, the National Healthcare System did not have enough resources because the government failed to provide the necessary medical equipment for hospitals.

According to Johns Hopkins University, more than 2,500,000 cases of coronavirus have been confirmed in the world, while over 178,000 people have died from the disease.

Sputnik

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