Government needs to wean the UK off this extraordinary level of state subsidy as soon as possible, says IEA expert

"The April numbers were awful. UK government borrowing in April alone (£62.1bn) was almost as large as the deficit in all of last year (£62.7bn).

"A temporary increase in borrowing is a price worth paying to save lives and protect businesses and jobs from a one-off shock like coronavirus. But the government needs to wean the UK off this extraordinary level of state subsidy as soon as possible.

"This huge amount of intervention will distort the economy, undermine market incentives, and ultimately hold back the recovery."