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UK borrowing hits new record

GOVERNMENT borrowing hit a record £163.4bn this year, official figures have shown.

The figure for the 2009-10 financial year is under the £166.5bn predicted by Chancellor Alistair Darling in April's Budget.

However, It is the biggest annual borrowing figure for a UK government in peacetime, the Office for National Statistics (ONS) showed.

A further £23.5bn was borrowed in March, the figures from the Office for National Statistics (ONS) showed. The total government debt is £890bn, or 62 per cent of GDP.

Meanwhile the IMF said the UK economy would grow by just 2.5 per cent next year, compared with an earlier forecast of 2.7 per cent.