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Public sector net borrowing hits £22.3bn in October as debt pile grows

Public sector net borrowing hits £22.3bn in October as debt pile grows

Business
Public sector net borrowing is estimated to have been £22.3bn in October - the sixth-highest borrowing in any month since monthly records began in 1993.The figure, from the Office for National Statistics (ONS), means that public sector net debt stood at £2.076trn by the end of October - or 100.8% of GDP, a level not seen for many decades. Borrowing for the first seven months of the financial year is estimated to have been £214.9bn - the highest in any April to October period and the sixth-highest borrowing in any month since records began in 1993.This was mostly due to the massive cost of the coronavirus response. Chancellor Rishi Sunak, said: "We've provided over £200bn of support to protect the economy, lives and livelihoods from the significant and far reaching impacts of coronaviru
Borrowing records smashed as Sunak prepares to splash more cash

Borrowing records smashed as Sunak prepares to splash more cash

Business
The Treasury borrowed the third-highest sum for any month on record in August, according to official figures - as the chancellor prepares to unleash his latest support for the coronavirus-hit economy.The Office for National Statistics (ONS) reported that public sector net borrowing, excluding the effects of bank bailouts, was estimated to have hit £35.9bn last month - the highest sum ever recorded for an August. That was £30.5bn more than in the same month last year and explained by the government's efforts to fund its COVID-19 medicine for jobs and efforts to tackle the disease.Live updates on coronavirus from UK and around world
UK borrowing soars in August as Covid costs mount

UK borrowing soars in August as Covid costs mount

Business
The UK government borrowed £35.9bn in August as tackling the economic fallout of pandemic took its toll on the public finances, official figures show.The figure - the difference between spending and tax income - was £30.5bn more than it borrowed in August last year.The increase meant that the borrowing figure hit its highest amount for August since records began in 1993.Borrowing between April and August totalled £173.7bn - also a record. August's monthly borrowing figure was, however, less than economists had predicted at £38bn, according to Pantheon Macroeconomics.The Office for National Statistics (ONS) also revised down its estimate for UK borrowing in July, by more than £11bn, to £15.4bn, de
UK quarterly borrowing hits record high

UK quarterly borrowing hits record high

Business
The UK government borrowed a record £127.9bn between April and June as tackling the coronavirus pandemic took its toll on the public finances.The figure - the difference between spending and tax income - was more than double the £55.4bn borrowed in the whole of the previous tax year. However, borrowing in June was lower than in May at £35.5bn.The re-opening of more retailers and other firms saw a drop in furlough scheme spending and a rise in tax take.Nevertheless, June's borrowing figure was still the third highest monthly total since records began in 1993 and about five times more than the same month last year. The figure took total government debt to a record £1.98 trillion.Where do governments go when they need money? The director of the Institute fo
Borrowing soars to record £103.7bn as debt outstrips GDP

Borrowing soars to record £103.7bn as debt outstrips GDP

Business
Britain's borrowing has soared to a record £103.7bn as debt outstripped economic output for the first time in nearly six decades due to the coronavirus pandemic.The figure for the first two months of the financial year is £87bn more than the same time last year - and the highest seen in any April-May period since current records began in 1993. It further lays bare the cost to the nation's finances of the COVID-19 crisis, as the Treasury receives less tax income while pouring money into efforts to prop up struggling businesses and safeguard jobs, impacted by the coronavirus pandemic.The Office for Budget Responsibility (OBR) had previously forecast that borrowing for the entire year was expected to hit £298.4bn. According to the Office for National Statistics, borr