Rolling coverage of the latest economic and financial news, as UK borrowing hits a new record high and car production almost halves
- UK borrowed £35.9bn in August – a record for the month
- Borrowing since August has hit £173.7bn – another record
- Car factory output tumbled 44% last month
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
