Government borrowing more than halves, data reveals | WDM

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Government borrowing more than halves, data reveals

Data published by the Office for National Statistics (ONS) has revealed that government borrowing in the last financial year more than halved when compared to a year earlier.

According to the data, borrowing totalled £151.8 billion, which was less than half of the £317.6 billion borrowed in 2020/21.

The ONS found that the government has had to borrow less since coronavirus (COVID-19) financial support schemes, such as the Coronavirus Job Retention Scheme (CJRS), ended.

The total amount borrowed by the government in the last financial year was worth around 6.4% of gross domestic product (GDP), according to the ONS.

Commenting on the data, Chancellor Rishi Sunak said: ‘Thanks to the action we’ve taken, the economy is recovering and our public finances are improving.

‘Public debt is at the highest levels since the 1960s and rising inflation is pushing up our debt interest costs, which mean we must manage public finances sustainably to avoid saddling future generations with further debt.’

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