UK Government record borrwing in November

The UK government continued to support the economy during the pandemic by borrowing soared in November hitting £31.6bn the highest level on record according to the office for National Statistics and the third-highest figure in any month since records began in 1993.

The Independent Office for Budget Responsibility has estimated that the amount of borrowing to cover the gap between spending and borrowing could reach £372.2bn by the end of the financial year in March. The increase in borrowing has led to a steep increase in the national debt, which now stands at just under 2.1trillion, as the overall debt has now reached 99.5 per cent of GDP – a level not seen since the early 1960s.