Breaking News: UK Borrowing Soars in August Taking National Debt to a record £2.024 Trillion!

The UK’s National debt has soared to the highest level since records began as borrowing between April and August totalled €194.5 (£173.7bn) – also a record.

The UK National Debt has reached a record €2.4288 trillion (£2.024 trillion) at the end of August –  almost €280 billion (£250 billion) compared to the same time last year, according to new data obtained from the Office for National Statistics. Borrowing was nudged up to 101.9% of the total gross domestic product (GDP) after the public sector borrowed around €40.208 billion (£35.9 billion) in August to cope with the economic effects of the crisis. The news comes just a day after Chancellor Rishi Sunak announced an extension to loan schemes and a new Job Support Scheme to replace furlough.

Analysts had earlier predicted that borrowing would hit €42.5 Billion (£38 billion) in August, that was according to an average taken by Pantheon Macroeconomics. National debt passed €2.4 trillion (£2 trillion)for the first time in history in July as the Government threw billions at offsetting the economic chaos caused by the COVID-19 crisis.

Borrowing was nudged up to 101.9% of the total gross domestic product (GDP) after the public sector borrowed around €40.208 billion (£35.9 billion) in August to cope with the economic effects of the crisis.

The latest data from the Office for National Statistics (ONS) casts some light on the huge costs involved in fighting the Covid-19 pandemic. Most countries borrow money even in good times. For example, in August 2019, the country borrowed €6b (£5.4b). But the scale of the borrowing is totally different at the moment. In August, the public sector borrowed more in a single month than at any time since 1993, when monthly records began, although it is still less than many had expected.

The amount of VAT, corporation tax and income tax collected by the tax man fell considerably, the ONS said.

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