The UK’s national debt has reached its highest interest rates since the 1960s.
Recent figures from the National Bureau of Statistics show that the UK borrowed £22.3 billion in October. This amounted to £1.08 billion over a year ago.
ONS said: “The government’s coronavirus support scheme combined with reduced cash receipts and reduced gross domestic product (GDP) all helped drive public sector net debt as a ratio of GDP in the early 1960s.”
The costs of the pandemic continue to rise, with borrowings between April and October at the highest level in that period since records began in 1993.
“We have provided over £200 million in support to protect our economy, livelihoods and livelihoods from the important and widespread impact of the coronavirus,” said Rishi Snack, commenting on today’s figures.
“This is responsible, but the right thing to do over time is also clear that we ensure that public finances are placed on a sustainable path,” he added.
Borrowing levels have fallen from the previous month when the UK government borrowed £28.6 billion.
Overall, UK debt grew to £2.06 trillion in October. This year, we have grown to record levels.
Public sector net debt is approximately £207.68 billion, which accounts for approximately 100.8% of GDP.
