Public sector borrowing nears £147bn, second highest since records began in 1993
The Office for National Statistics (ONS) said this morning public sector borrowing from the end of March to December was £146.8 billion – the second highest since records began in 1993.
Government borrowing stood at £16.8 billion in December, down by £7.6 billion from the same month a year earlier, according to official figures.
The data also showed that public sector debt, excluding public sector banks, was £2.34 trillion at the end of the month, or around 96% of gross domestic product (GDP).
Chancellor Rishi Sunak said: “We are supporting the British people as we recover from the pandemic through our Plan for Jobs and business grants, loans and tax reliefs.
“Risks to the public finances, including from inflation, make it even more important that we avoid burdening future generations with high debt repayments.
“Our fiscal rules mean we will reduce our debt burden while continuing to invest in the future of the UK.”