Government borrowing hit a record £31.6 billion in November, taking public sector net debt to a new all-time high of £2.1 trillion, according to official figures.
The Office for National Statistics (ONS) estimated that last month’s borrowing – excluding state-owned banks – was £26 billion higher than a year earlier and marked the highest seen in November since records began in 1993.
Borrowing has now reached £240.9 billion for the first eight months of the financial year – £188.6 billion more year-on-year and breaking yet more records.
It means the UK’s overall debt is now around 99.5% of gross domestic product (GDP) – a level not seen since 1962 – as the Government has spent billions of pounds to support the economy through the pandemic.The UK’s economy expanded faster than first thought between July and September, the Office for National Statistics has said.
Gross Domestic Product (GDP) rose by 16% during the third quarter, the statisticians found, up from a previous estimate of 15.5%.
It is the highest quarterly rise since records began, the ONS said.
However, the rapid rise was not enough to offset an even bigger fall between April and June, as Covid lockdowns hit the country. GDP was still 8.6% below where it had been at the end of 2019.
