UK borrowing on course to exceed £1bn a day but markets unperturbed

Covid crisis means government's long-term economic agenda must wait

• UK public finances pushed into 36bn deficit as inflation rises
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First it was the postponement of the budget. Now it is the scrapping of plans for a three-year spending review. Long-term economic strategy has been abandoned in favour of a hand-to-mouth approach designed to see the UK through the winter.

Rishi Sunak's decision to have a one-year spending review looked inevitable from the moment the number of new cases of the virus started to rise rapidly last month. The chancellor has had two mini-budgets since the summer and he may need to return with further packages of support as tougher restrictions are imposed on more and more of the country.

Related: UK government borrowing rises to 36bn in September and inflation picks up - business live