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@Avalon.red

UK government borrowing rises to £36bn in September

by LLB Editor October 21, 2020

written by LLB Editor 21^st Oct 20 10:48 am

Figures released from the Office for National Statistics show that public sector net borrowing hit £36.1bn in September 2020, a record level for the month, and more than economists expected.

That’s £28.4bn more than in September 2019, and the third-highest borrowing in any month since records began in 1993 — following April and May this year.

The chancellor, Rishi Sunak, has responded to today’s borrowing figures: “Whilst it’s clear that the coronavirus pandemic has had a significant impact on our public finances, things would have been far worse had we not acted in the way we did to protect millions of livelihoods.

“Over time and as the economy recovers, the government will take the necessary steps to ensure the long-term health of the public finances.”