Public borrowing hits record level

Total borrowing for the 2008/09 financial year is almost twice the level seen a year ago and is expected to rise further. Since April, the public sector has borrowed £37.59bn, up from £21.46bn during the same period in 2007 and analysts expect the total to rise to around £60bn by the end of the financial year. The six-month total is the highest since records began in 1946. Net borrowing in September reached £8.092bn, up from £4.775bn in the same month last year. The Government has said it will continue to invest in public services to help avert a recession. The Chancellor is expecte...