UK Borrowing For November Hits Highest Level on Record

UK Borrowing For November Hits Highest Level on Record.

Government borrowing soared in November as the UK struggles to support the economy during the present crisis. The Office for National Statistics (ONS) said borrowing hit £31.6bn last month, the highest November figure on record. It was also the third-highest borrowing of any month since records began back in 1993.

Since the beginning of the financial year, borrowing has reached a total of £240.9bn, which is £188.6bn more than a year ago. The independent Office for Budget Responsibility (OBR) has estimated it could reach £372.2bn by the end of the financial year in March.

These latest figures reveal that the UK’s overall debt is now around 99.5% of gross domestic product (GDP) – a level not seen since 1962 – as the Government has spent billions of pounds to support the economy through the pandemic.

The UK National Debt had reached a record €2.4288 trillion (£2.024 trillion) at the end of August. Borrowing was nudged up to 101.9% of the total gross domestic product (GDP) after the public sector borrowed around €40.208 billion (£35.9 billion) in August 2020 to cope with the economic effects of the crisis.

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Tony Winterburn

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