Record Government Debt
Published / Last Updated on 20/12/2010
According to the Office for National Statistics (ONS), the amount of new public sector borrowing hit a record high of £23.3bn in November. This borrowing figure was driven higher by increased spending on defence, health and the EU.The public sector net borrowing for the financial year to date has reached £104.4bn, but many analysts are predicting that the government could exceed its annual borrowing target of £148.5bn.
Public sector debt now stands at 58 per cent of UK GDP and the government is now pursuing a range of austerity measures to reduce the UK’s public deficit.
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