UK public borrowing surges to new record
British finance minister Rishi Sunak has only just set out the country’s new job support scheme:
"It is better that our support is targeted and focused on supporting viable jobs in our economy and that means a new approach.”
The focused approach replaces a much more expensive furlough programme.
And one reason for that became even clearer on Friday (September 25).
New figures show public debt again surging to record levels.
In August the country borrowed almost 36 billion pounds - or about 45.8 billion dollars.
That’s down from earlier in the year, but still a record for the summer month.
In the first five months of the financial year the UK has now borrowed more than the annual total at the height of the global financial crisis.
For the full year the Office for Budget Responsibility estimates borrowing will hit almost 19% of GDP - a level not seen since World War Two.
All the red ink comes after Britain suffered the biggest economic hit of any G7 country.
The economy shrank by 20%, and the Bank of England predicts third-quarter output will be about 7% below pre-crisis levels.
