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UK national debt highest since 1960

21 Oct 2020 11:10 AM

The UK government borrowed £36.101 billion ($46.90 billion) in September alone – the sixth record month in a row, although August’s figure was revised down by more than £5 billion pounds to £30.11 billion.

The Office for National Statistics today released data indicating that the UK’s total public debt has increased to £2.060 trillion, or 103.5% of GDP.

Total borrowing from April to September was £208.5 billion, six times more than the same period in 2019, driven by coronavirus-related spending and lower tax revenues thanks to lockdown measures.

In July, the Office for Budget Responsibility forecast the UK to borrow a record £372 billion by the end of the fiscal year, equivalent to 18.9% of UK GDP – the most the UK has borrowed in a single financial year since the Second World War.

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