HM’s Government borrowing has soared in November to the highest record levels, as the government tries to support the economy during the coronavirus pandemic.
The Office for National Statistics said borrowing hit £31.6bn last month, the highest November figure on record – this figure is also the third-highest figure in any month since records began in 1993.
According to ONS figures since the beginning of the financial year in April, borrowing has reached £240.9bn, £188.6bn more than a year ago.
A Budget had been expected to take place in autumn this year, but it was delayed because of the pandemic and will now take place on 3 March 2021.
The independent Office for Budget Responsibility (OBR) has estimated that borrowing could reach £372.2bn by the end of the financial year in March.
Mr Sunak said on Tuesday: “When our economy recovers, it’s right that we take the necessary steps to put the public finances on a more sustainable footing so we are able to respond to future crises in the way we have done this year”.
Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
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