ONS reveals latest statistics on public sector borrowing

The Office for National Statistics has reported that public sector borrowing reached its highest level ever recorded for the month of August at £39.5bn. 

This sum excluded the effect of bank bailouts, however despite this borrowing was still up £30.5bn more than the same month last year, (August 2019). 

In addition to this statistics also revealed the surge in borrowing and debt rates made by the UK government this year. 

A report published by the ONS said “Borrowing was £173.7bn in the financial year to date (April-August 2020).” 

“ [Borrowing is up] £146.9bn more than the same time last year and more than in any April-August period since current records began in 1993.”

It added: “Debt (public sector net debt excluding public sector banks,) at the end of August 2020 was £2.02trn  or around 101.9% of gross domestic product (GDP), £249.5bn more than at the same point last year.”

The office released the figures one day after UK chancellor Rishni Sunak unveiled new winter plans to support jobs and businesses affected by Covid-19.

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