UK Government’s Borrowing Hits Record £128Bn In April-June 2020

• British government borrowing surged to a record £127.9Bn in the first three months of the 2020/21 financial year, when COVID-19 lockdown measures were at their tightest, official figures showed on Tuesday.
• Public sector net borrowing between April and June was £103.9Bn higher than in the same three months last year, and more than double the £55.4Bn borrowed in all of the 2019/20 tax year which ended in March.
• Public sector net debt, excluding state-owned banks, rose to £1.984Tn, which Britain’s Office for National Statistics said was equivalent to 99.6% of gross domestic product - also a downward revision compared with May.

(Source: Reuters)