Pandemic pushes UK state borrowing to peacetime record ...Middle East

LONDON: Emergency pandemic support measures sent UK annual borrowing rocketing to the highest level since World War II, official data showed Friday.Public sector net borrowing — the state’s preferred measure of the deficit — ballooned to a record £303.1 billion (RM 1.7 trillion) in the year to March, the Office for National Statistics said in a statement.And it was equivalent to 14.5% of gross domestic product (GDP) — the highest proportion since 1946 when it stood at 15.2%.Borrowing sky-rocketed in the 2020-2021 financial year as the UK government rushed to cushion the economic blow of Covid.And it contrasted sharply with borrowing of just £57.1 billion (RM 325.4 billion) in 2019-2020.“The

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Last updated : 23 April 2021 clock 03:00 PM

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Pandemic pushes UK state borrowing to peacetime record ...Middle East

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