UK Government Could Be Facing Decades-Long COVID-Linked Financial Risks - Lawmakers

MOSCOW (UrduPoint News / Sputnik - 25th July, 2021) The UK government could be facing decades-long financial risks linked to its quick response to the COVID-19 pandemic, lawmakers said in a report published Sunday.

"The COVID-19 response means government will be exposed to significant financial risks for decades to come," a report by the House of Commons Committee of Public Accounts said.

While the pandemic warranted flexibility on spending decisions, the government's quick response to the pandemic has taken a toll on a number of government departments and schemes, and the consequences may have to be managed for years to come, the report said.

The report cites one such example of those decisions as the 10,000 shipping containers of personal protective equipment that were ordered earlier on in the pandemic and had not been unpacked as of May.

Lawmakers recommended that the economic and finance ministry develop a "single cross-government framework for monitoring and managing the risks to public finances stemming from government's COVID-19 response." The lawmakers have also asked the HM Treasury to explain in the Autumn Spending Review how it plans to manage these risks.