UK Government borrowing reached £23 billion – in one month!

UK Government borrowing reached £23 billion – in one month!

The national debt hit £2.08 trillion by October 2020, up £276.3bn since the start of the financial year.

Monthly borrowing, required because the treasury is spending more than it earns in taxes due to the recession, reached over £40bn in April and close to that again in May of this year following the first lockdown. Borrowing is on target to exceed £300bn for the year since the start of the coronavirus crisis.

The UK economy bounced back in the third quarter, but will falter again due to the current second lockdown which is killing businesses and jobs. Two more high street clothing chains went into administration this week putting thousands more jobs at risk.

UK debt exceeds the size of the UK economy, with debt having reached 100.8% of the country’s gross domestic product (GDP).

Debt levels of this magnitude have not been seen since the early 1960s while paying off the debts of World War Two.

Whilst the government always repays debt on due dates, it has to borrow new money – and take on more debt – to do so, like people do when living on credit cards or “robbing Peter to pay Paul”.

More articles and money news available at Money Tips

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