Covid pushes UK government borrowing to peacetime record of £303bn
by Larry Elliott Economics editor from on (#5GZ4G)
Figure at highest level since end of second world war but deficit was less than forecast for 2020-21
The UK government was forced to borrow a peacetime record of 303bn to combat Covid-19 in the first full financial year of the crisis but the total was lower than originally feared, official figures have shown.
Despite a 28bn gap between state spending and tax receipts in March, the Office for National Statistics (ONS) said the deficit for the 2020-21 year was 24bn less than the 327bn pencilled in at the time of the budget by the Office for Budget Responsibility (OBR).
Continue reading...