Government borrowing surges to £14.5bn in June
The Government borrowed a higher than expected £14.5bn in June, according to official data.
According to the figures from the Office for National Statistics the figure is only slightly down on a year ago.
It means the nation’s net debt now stands at £926.9bn, which represents 63.9 per cent of gross domestic product (GDP). That is the highest on record since that measure was introduced in March 1993.
Howard Archer of Global Insight said: “The public finances were worse than expected in June, providing a blunt reminder to Chancellor George Osborne of the major task that he faces in returning the public finances to health.
“Indeed, the Public Sector Net Borrowing Requirement was an eye wateringly high £14.5bn in June, although at least this was marginally down on the £14.7bn shortfall a year earlier.”