Massive debt write-off could be only way to save economy, warns OBR boss

A massive write-off of toxic Covid debt may be the only way to save the economy from stagnation as thousands of businesses struggle to survive, the new head of the spending watchdog has warned. Repayments on £45bn of taxpayer-backed loans could be linked to companies' revenue, said Richard Hughes of the Office for Budget Responsibility (OBR) - with any money outstanding after a set timeframe simply cancelled. Mr Hughes said that firms of all sizes may otherwise drown due to the weight of d