Steve August 20, 2020


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Total government debt has exceeded £2tn for the first time, latest official figures show.

At the end of July, debt was £2,004bn, £227.6bn more than at the same point last year, the Office for National Statistics (ONS) said.

This represents 100.5% of GDP, up 20.4 percentage points compared with the same point last year.

It is the first time it has been above 100% since the 1960-61 financial year, the ONS said.

The UK government borrowed £26.7bn in July as tackling the coronavirus pandemic took its toll on the public finances.

The figure – the difference between spending and tax income – was the fourth highest borrowing in any month since records began in 1993.

from the BBC

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