LONDON: British government borrowing surged to a record £128 billion in the first three months of the 2020/21 financial year, when Covid-19 lockdown measures were tightest, more than double the entire previous year’s borrowing.
Borrowing in June, excluding state-owned banks, was £35.5 billion, the government statistics office said. That was five times more than a year earlier though below economists’ average forecast of £41.5 billion in a Reuters poll, following a big downward revision for May. “Borrowing is still rising at an exceptional rate and we suspect that a slowdown in the recovery and further rise in unemployment later this year will prompt the government to announce additional fiscal spending at the next Budget,” said Thomas Pugh, UK economist at Capital Economics.
Public sector debt, excluding state-owned banks, stayed a fraction below the milestone of 100% of gross domestic product it appeared to pass in May, after an upward revision to GDP, and now stands at £1.984 trillion or 99.6% of GDP.“Over the medium-term, we must, and we will, put our public finances back on a sustainable footing,” Sunak said on Tuesday.
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