LONDON: British government debt has exceeded £2 trillion for the first time following massive state borrowing as the coronavirus pandemic pushed ...
LONDON: British government debt has exceeded £2 trillion for the first time following massive state borrowing as the coronavirus pandemic pushed the UK economy into a record recession, official data showed on Friday.
Compared with July 2019, UK debt increased by £227.6 billion, reflecting the huge increase in borrowing needed to tackle the pandemic."This crisis has put the public finances under significant strain as we have seen a hit to our economy and taken action to support millions of jobs, businesses and livelihoods," finance minister Rishi Sunak said.Net borrowing between April and the end of July is estimated to have hit £150.5 billion, the ONS said.
"It is also why we are taking action now to support the growth and jobs which pay for our public service, by helping businesses to reopen safely."Separate official data on Friday showed that British retail sales jumped by 3.6 per cent in July from June as shops, restaurants and pubs reopened.
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