British government borrowing reaches record $18.2B for August

20 Sep 2024, 12:42 by Paul Godfrey · UPI

Sept. 20 (UPI) -- British government borrowing jumped by almost a third to $18.2 billion last month compared with August 2023, taking borrowing to the highest level since treasury finances were hammered by a collapse in tax receipts and massive spending to support individuals and businesses during COVID-19, figures out Friday show.

Borrowing, defined as the gap between income and public sector spending, was $4.4 billion more in August than in August 2023, the third-highest borrowing for the month since records began in 1993, the Office for National Statistics said in a bulletin.