UK borrows £34bn in December as public sector debt set to increase through 2021

Third highest monthly figure since 1993

David Brenchley
clock • 2 min read

The UK Government borrowed £34bn in December with more expected through 2021, as it continued to fight the effects of the coronavirus pandemic on the economy.

A December figure of £34.1bn for public sector borrowing was a 470% increase on December 2019's figure, the Office for National Statistics said on Friday, and the highest level ever recorded for a December. It was also the third-highest monthly figure since records began in 1993, and means borrowing since the start of the financial year in April has reached £270.8bn. Public sector debt now stands at an all-time high £2.13trn, or 99.4% of GDP, the highest debt-to-GDP ratio since 1962, the ONS added. In contrast, tax revenues were down 0.7% on a year-on-year basis at £60.2bn, with ta...

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