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Britain Faces 'Wartime Scenario' for Public Finances, UK Budget Authority Says

© AP Photo / Frank AugsteinSigns at a London Tube Station notifying the public of a reduced service due to the coronavirus outbreak, Tuesday, 17 March 2020. For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.
Signs at a London Tube Station notifying the public of a reduced service due to the coronavirus outbreak, Tuesday, 17 March 2020. For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. - Sputnik International
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The Chancellor of the Exchequer vowed to provide aid to UK businesses in order to avoid their collapse amid the spread of the coronavirus across the nation.

Higher public spending and borrowing in the United Kingdom as a means to fend off the impact of coronavirus on businesses will leave Britain facing a 'wartime business situation', Robert Chote, head of the Office for Budget Responsibility, told lawmakers on Tuesday.

Recalling the UK's budget deficit during the WWII, Chote stressed that "now was not the time for the government to be squeamish about higher debt".

A man in a protective face mask walks past a British government public health campaign advertisement at Victoria underground station - Sputnik International
UK Health Officials Suggest Coronavirus Pandemic Could See Up to 7.9 Mln Britons Infected - Report

The statement comes as finance minister Rishi Sunak is expected to unveil new measures to help the economy later in the day.

UK Prime Minister Boris Johnson has called on the nation to avoid public gatherings and non-essential travel and limit the number of social contacts as he revealed the government's measures to curb the spread of the virus on Monday.

The UK health authorities previously warned that as many as 80 percent of the country's population may contract the new coronavirus infection (COVID-19) by spring 2021.

As of Monday, there are 1,395 confirmed cases of the coronavirus infection in the UK, according to the WHO. The total death toll stands at 35.

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