		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="1">
		</amp-ad>
				</div>
			</div>
		</div><p>The UK’s national debt hit a record £2.06 trillion (€2.3 trillion) at the end of September, up £259.6 billion in six months, according to new data from the Office for National Statistics (ONS).</p>
<p>It pushed borrowing up to 103.5 per cent of gross domestic product (GDP) after the public sector borrowed around £36.1 billion in September – pushing the debt to GDP ratio to the highest levels since 1960.</p>
<p>This was £28.4 billion more than the same month a year ago and the third-highest month of borrowing since records began in 1993, officials added.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Today’s <a href="https://twitter.com/ONS?ref_src=twsrc%5Etfw">@ONS</a> figures show government borrowing exceeded £208bn between April and September 2020.</p>
<p>This compares to £31bn in the same period last year and is more than in any year on record. But it is £54bn, or one-fifth, less than the <a href="https://twitter.com/OBR_UK?ref_src=twsrc%5Etfw">@OBR_uk</a>’s ‘central’ scenario projection. <a href="https://t.co/5hDvf990sx">pic.twitter.com/5hDvf990sx</a></p>
<p>&mdash; Institute for Fiscal Studies (@TheIFS) <a href="https://twitter.com/TheIFS/status/1318802206653636608?ref_src=twsrc%5Etfw">October 21, 2020</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>At the end of September there was £1.741 trillion of central government bonds, or gilts, in circulation to prop up the falling tax take and cover the huge expenditure related to Covid-19 spending.</p>
<p>Central government tax receipts were £37.7 billion in September – £6 billion less than in September 2019, with large falls in value added tax (VAT), business rates and corporation tax receipts, the ONS added.</p>
<p><!--Ads1--></p>
<p>The UK government is expected to have spent £77.8 billion in September on day-to-day activities – £18.1 billion more than in September 2019 – including £4.9 billion on the furlough scheme and £1 billion on the self-employment support scheme payouts.</p>
<p>Borrowing in the first six months of this financial year – April to September – is estimated at £208.5 billion, £174.5 billion more than in the same period last year and the highest borrowing in any April to September period since records began in 1993. Each and every month set a new record, the ONS added.</p>
<p>UK Chancellor of the Exchequer, Rishi Sunak, said: “Whilst it’s clear that the coronavirus pandemic has had a significant impact on our public finances, things would have been far worse had we not acted in the way we did to protect millions of livelihoods.</p>
<p>“I’ve been clear that our enduring priority is to protect as many jobs and businesses as possible through this pandemic, which is the fiscally responsible thing to do.</p>
<p>“Through our comprehensive Plan for Jobs we’re protecting, supporting and creating millions of jobs across the country.</p>
<p>“Over time and as the economy recovers, the Government will take the necessary steps to ensure the long-term health of the public finances.”</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68cd34bcc942d">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68cd34bcc942d',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
