Reuters reports that after statistics showed state borrowing had soared while tax receipts had fallen, British finance minister Rishi Sunak said that things could have been far worse.

“Whilst it’s clear that the coronavirus pandemic has had a significant impact on our public finances, things would have been far worse had we not acted in the way we did to protect millions of livelihoods,” Sunak said.

“Over time and as the economy recovers, the government will take the necessary steps to ensure the long-term health of the public finances,” he said.