UK borrowing at record high in April

Published by Ross Hindle on May 25th 2020, 8:08am

New data released by the ONS on Friday shows that government borrowing soared to hit £62 billion in April 2020.

This was the highest monthly figure on record, coming after the government announced a number of thorough and costly measures to ease the impact of the crisis.

These new figures mean that the deficit for just last month was larger than the forecast figure for the entire year when Chancellor Rishi Sunak announced his budget.

Furthermore, the OBR has released a projection about borrowing for the entire calendar year, which predicts that the figure could reach £289 billion. This would be more than a fivefold increase on the estimate given in Mr Sunak's budget.

In response to publication of the figures, Mr Sunak defended the government's decision, saying that its "top priority" was to "support people, jobs and businesses through this crisis and ensure our economic recovery is as strong and as swift as possible".

He once more described the steps the government had taken as "unprecedented", calling on the furlough scheme, grants, loans and tax cuts as just a few examples.

Public sector debt is now close to £1.9 trillion, which is £118 billion higher than it was just twelve months ago.

BBC global trade correspondent Dharshini Daivd reported that economists have said that "taxes will have to rise" or "spending [will have to be] cut", and stated that "the emergency raft will have a price tag which we can't escape".

Share this article


Leaders of Great Britain

About Leaders of Great Britain

Leaders of Great Britain hosts a series of engaging events featuring prominent figures from the worlds of politics, sports, business, and entertainment. Our goal is for every attendee to leave these gatherings with profound leadership insights that transcend boundaries. Learn More.


Related Features


Authored By

Ross Hindle
Content Director
May 25th 2020, 8:08am

Follow Us

Follow @LeadersGBNI on Twitter for more live updates

Share this article


Popular Features

FEATURES | Published October 7th 2024, 4:04 pm

Margaret Ollivier: Ensuring Respect and Inclusivity at Expect Ltd

FEATURES | Published September 16th 2024, 11:11 am

Andrew Martin: Steering the Course of Planning and Development

FEATURES | Published July 26th 2024, 7:07 am

Paul Bowley: Transforming Lives with Abbeycare Group

© Copyright 2024, Leaders of Great Britain.