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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Partner Insight: UK small-cap opportunities are 'The best for more than 30 years', Downing's Judith MacKenzie says

Partner Insight: UK small-cap opportunities are 'The best for more than 30 years', Downing's Judith MacKenzie says

Growing interest in IPOs and a surge in pension fund interest put UK small-caps on course for strong growth.

Judith Mackenzie, Partner and Head of Downing Fund Managers
clock 28 November 2025 • 4 min read
'It's been frantic – in a good way': Orbis' Matt Spencer on maintaining momentum

'It's been frantic – in a good way': Orbis' Matt Spencer on maintaining momentum

Advisers in the UK are ‘exceptionally high quality’

Jenna Brown
clock 25 November 2025 • 8 min read
Why 'bubble talk' doesn't always burst markets

Why 'bubble talk' doesn't always burst markets

What’s really driving recent returns?

Eleanor Ingilby
clock 20 November 2025 • 4 min read