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UK borrowing levels rocket in August to reach highest level since records began

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The UK government borrowed £35.9bn in August according to official figures. This comes as the Government has also launched massive economic stimulus through the Bank of England which amounts to money printing.

The difference between spending and tax income was £30.5bn more than it borrowed in August last year.

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The increase meant that the borrowing figure hit its highest amount for August since records began in 1993.

Borrowing between April and August totalled £173.7bn, this is also a new record.

UK debt passed £2tn for the first time in history in July as the government spent billions on introducing measures designed to protect the economy against the fallout caused by the coronavirus crisis.

In August, debt hit £2.024tn, £249.5bn more than the same time in 2019, according to the Office for National Statistics.

Debt levels are now at their highest since the 1960’s and exceed the entire GDP of the UK. Whilst borrowing rates are low the slightest increase in interest rates could see the collapse of the UK economy.

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