UK public debt reaches two trillion pounds for first time ever
Public sector debt in Britain has breached £2 trillion for the first time as government borrowing hit £26.7bn in July.
The Office for National Statistics (ONS), which published the figures on Friday, said borrowing for July was £28.3bn more than the same period last year, and the fourth highest since records began in 1993.
Debt reached £2.004 trillion for the first time, and is up around £227.6bn from a year ago.
By the end of July, debt was 100.5 per cent of gross domestic product (GDP) for the first time since March 1961, said the ONS.
The coronavirus pandemic had “an unprecedented impact” on borrowing, as the government throws billions at the economy in a bid to keep it afloat as lockdown devastated some industries.
He added the government was taking action to support businesses through its “plan for jobs” scheme, which is “protecting, supporting and creating jobs to ensure that nobody is left without hope”.
A report published by the Office for Budget Responsibility suggests that borrowing in the current financial year, between April 2020 to March 2021, could increase to £322bn, around six times the amount borrowed in the financial year ending March 2020.
Posted on 20.08.2020.
We provide services
Other useful articles
- Upper Tribunal says that article 8 rights of overseas family members must be considered
- Government pledges new support to prepare for EU border checks
- Home Secretary announces new measures to boost Britain’s border security
- No discrimination found against Afghan man blocked from Ukraine visa schemes
- “Smart” borders to start operating from 2025: new rules for entry into the Schengen area for citizens of the UK and other countries
- UK economy continues recovery with 0.6% growth
Get specialist advice
Please contact with one of our immigration lawyers by phone +44 (0) 207 907 1460 (London), +971 509 265 140, +971 525 977 456 (Dubai) or complete our enquiry
Contact us