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UK borrowing surges and car production slumps as Covid-19 costs mount – business live

Rolling coverage of the latest economic and financial news, as UK borrowing hits a new record high and car production almost halvesUK borrowed £35.9bn

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Rolling coverage of the latest economic and financial news, as UK borrowing hits a new record high and car production almost halves

As a proportion of the economy, Britain’s national debt is now its highest level since 1961 (at nearly 102% of GDP).

August’s borrowing has pushed the UK’s national debt to a new record high of £2,023.9bn.

That’s around 101.9% of gross domestic product (GDP), and £249.5bn more than at the same point last year.

Public sector net debt was £2,023.9 billion at the end of August 2020, 101.9% of GDP, £249.5 billion more than at the same point last year https://t.co/4OWYxcUcS8 pic.twitter.com/Qed3wtQUk5

OBR currently estimate that UK borrowing in the current financial 2020/21 could rise to £372.2 billion, nearly seven times the amount borrowed in 2019/20 and more than double that borrowed in 2009/10 at the peak of the financial crisis. #deficit #PSNBex https://t.co/YRYj4bbJuI pic.twitter.com/nZN9frYlKY

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