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Financial News: UK Budget Logs Biggest February Deficit On Record

UK Budget Logs Biggest February Deficit On Record

03/19/2021 - 03:11:00 (RTTNews)

(RTTNews) - The UK budget deficit reached its highest February level since records began in 1993, the Office for National Statistics revealed on Friday.

Public sector net borrowing, excluding public sector banks, increased by GBP 17.6 billion from the previous year to GBP 19.1 billion in February. This was the highest February borrowing since monthly records began in 1993.

In the financial year-to-February 2021, PSNB excluding banks, increased sharply by GBP 228.2 billion to GBP 278.8 billion. This was the highest public sector borrowing in any April to February period since records began in 1993.

Public sector net debt excluding banks, rose by GBP 333.0 billion over the eleven months of the financial year-to-February, taking it to GBP 2,131.2 billion or around 97.5 percent of gross domestic product, maintaining a level not seen since the early 1960s.

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