UK government borrowing soars to record high during Covid pandemic

Crisis creates highest debt-to-GDP ratio since 1960

• Borrowing on course to exceed 1bn a day but markets unfazed
• Coronavirus - latest updates
• See all our coronavirus coverage

UK government borrowing soared to a record high in the first six months of the financial year as the extra spending needed to tackle the Covid-19 pandemic pushed the public deficit further into the red.

Steep falls in tax receipts that accompanied the government's rescue programmes also increased the UK's debt-to-GDP ratio to its highest level in 50 years, while inflation rose to 0.5%, according to the latest official figures.

Related: UK government borrowing rises to 36bn in September and inflation picks up - business live