£36.1billion was borrowed in September – the third-highest month on record and compared to just £7billion a year ago as overall tax revenues collapse forcing the Treasury to borrow to make up teh difference.
It means that since April £208.5billion has been added to the UK’s debt pile – nearly four times as much as in the whole of last year.
National debt hit £2.06trillion at the end of last month, equivalent to 103.5 per cent of the size of the whole economy. The ratio has not been worse since 1960, according to the Office for National Statistics.
It is being predicted that the situation will get even tougher as millions face unemployment as the economy struggles and coronavirus cases rise again.
Chancellor Rishi Sunak commented:
“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.
I’ve been clear that our enduring priority is to protect as many jobs and businesses as possible through this pandemic, which is the fiscally responsible thing to do.
Through our comprehensive Plan for Jobs we’re protecting, supporting and creating millions of jobs across the country.
Over time and as the economy recovers, the Government will take the necessary steps to ensure the long-term health of the public finances.”