Economy to remain 'scarred' by Covid until 2025

A further £7.1bn will be funnelled into a national home building fund, while some £15bn will go towards research and development as part of plans to make the country a “scientific super power”.

Hinesh Patel, portfolio manager at Quilter Investors: “The Chancellor today laid out a sobering picture for the UK economy, with scarring looking like it will become increasingly evident. 

“Unemployment is expected to get dangerously high, at 2.6m people, and it is this that the Mr Sunak will be looking to prevent turning into a long-term trend.”

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