Government borrowing has surged to its highest level on record, underlining the scale of the economic damage caused by the coronavirus pandemic.

The deficit, the difference between government spending and tax receipts, soared to more than £62 billion in April, due to the level of financial support provided by the Treasury, to help businesses and employees through the crisis.

The hole in the government finances wasn’t helped by a big drop in retail sales. They plummeted by a record amount in April, as many high street stores closed in the coronavirus lockdown. Clothing sales were hit hardest, down more than 50 per cent, although online spending online rose. read more