UK government borrowing hits February record

Sun Online Desk

20th March, 2021 12:58:23 printer

UK government borrowing hits February record


Government borrowing levels continued to set new records last month, reflecting the cost of supporting the UK's economy during the pandemic.

The government borrowed £19.1bn in February, the highest figure for that month since records began in 1993.

Measures such as furlough payments have hit government finances hard.

However, February's borrowing figure - the difference between spending and tax income - was not as high as some economists had forecast.

Borrowing for the financial year to date - between April and February - has now reached £278.8bn, the Office for National Statistics said, a record for that period.

The Chancellor, Rishi Sunak, said: "Coronavirus has caused one of the largest economic shocks this country has ever faced, which is why we responded with our £352bn package of support to protect lives and livelihoods.

"This was the fiscally responsible thing to do and the best way to support the public finances in the medium term."