Cost of UK response to coronavirus pandemic rises to $166.1 billion: OBR

Britain's emergency spending and tax cuts to soften the economic hit from the coronavirus crisis are likely to cost 132.5 billion pounds ($166.1 billion), up about 7.5 per cent from a previous estimate, the country's budget watchdog said on Thursday.

The 9 billion-pound increase was caused by higher costs for the government from its two wage subsidy schemes that are at the heart of its attempts to slow a surge in unemployment.

The Office for Budget Responsibility (OBR) said the Coronavirus Job Retention Scheme for employees covered more low-earning workers than it previously assumed, reducing the flow back to the