Government borrowing soared to £34.1BILLION in December the third highest monthly figure EVER amid growing fears over the £2.1TRILLION debt mountain
Government borrowing soared to £34.1billion in December – the third highest monthly figure on record – amid growing fears about the UK’s debt mountain.
The number for the last month of 2020 was £28.2billion higher than the equivalent period in 2019 as the pandemic wreaked havoc on the economy and ministers lashed out on massive bailouts such as furlough.
It pushed total borrowing for the first nine months of the financial year to £270.8billion, the peak for any April to December period since records began in 1993.
There are fears the full-year figure will top £400billion.
The UK’s debt pile reached £2,131.7billion by the end of 2020, around 99.4 per cent of GDP – the highest debt to GDP ratio since 1962.
The UK’s debt pile reached £2,131.7billion by the end of 2020, around 99.4 per cent of GDP – the highest debt to GDP ratio since 1962
Government borrowing soared to £34.1billion in December – the third highest monthly figure on record