UK national debt hits record £2.024 trillion

25 September 2020, 07:33

The UK's national debt has risen by nearly £250bn in a year
The UK's national debt has risen by nearly £250bn in a year. Picture: PA

By Asher McShane

The UK's national debt hit a record £2.024 trillion at the end of August according to new data from the Office for National Statistics.

It represents a rise of £249.5 billion compared to the same time last year. The national debt hit £2 trillion for the first time ever in August.

Borrowing was pushed up to 101.9% of gross domestic product (GDP) after the public sector borrowed around £35.9 billion in August.

Analysts had predicted that borrowing would hit £38 billion in August, according to an average taken by Pantheon Macroeconomics.

National debt passed £2 trillion for the first time in history in July as the Government throws billions at offsetting the economic chaos caused by the Covid-19 crisis.

Read more: Rishi to the rescue, but who's picking up the tab?

Read more: Many on furlough likely to lose jobs, IFS warns

More Latest News

See more More Latest News

Former President Donald Trump speaks at a campaign rally in Reading, Pennsylvania

Trump threatens Mexico with 100% tariffs unless it cracks down on border crossings

Bridget Phillipson told Tonight with Andrew Marr that the fee hike was necessary to secure the future of universities.

‘Universities must reform’ says education secretary after first hike in tuition fees in 8 years

Two more cases of a new strain of mpox have been detected in the UK, officials say

Two more cases of new mpox strain detected in UK

Anya Taylor-Joy and her musician husband were the victims of a terrifying robbery

Anya Taylor-Joy and musician husband victims of burglary at London mansion

Exclusive
Nigel Farage speaking to LBC's Nick Ferrari about new Tory leader Kemi Badenoch

'The Remainers are back in town': Nigel Farage says Kemi Badenoch will bring 'no change whatsoever' to Tories

Amy Dowden

Strictly Come Dancing star Amy Dowden will not return to show this year following 'medical emergency'

Scott Paterson murdered his landlady Annette Smith

Tenant murdered and dismembered elderly landlady before posing as her by sending Christmas cards to family

Robert Jenrick, Priti Patel and Mel Stride will all serve in Kemi Badenoch's Shadow Cabinet

Kemi Badenoch names former leadership rivals Robert Jenrick and Priti Patel to Tory Shadow Cabinet team

Bridget Phillipson has confirmed the tuition fee rise

University tuition fees to rise for first time in eight years, as Tories accuse Labour of 'declaring war on students'

Sara Sharif had suffered dozens of injuries in the weeks leading up to her death, a court has heard

Video of Sara Sharif smiling and dancing 'days before murder' shown to court

Transport for London (TfL) has warned passengers that no Tube services are expected on Thursday 7 November

November Tube strikes to bring London to a halt this week despite RMT calling off action

Stuart Gogg during the Six Nations rugby match between France and Scotland in Saint-Denis, 26 February 2023

Former Scotland rugby captain pleads guilty to domestic abuse over five-year period against former partner

Kie Joyce, 21, was sentenced for his role in at least 35 phone thefts.

WATCH: Moment phone snatchers are arrested in London chicken shop after spree of thefts

One of two assassination attempts made towards the former President was carried out in Pennsylvania

Trump says he would not 'mind' if journalists were shot at Pennsylvania rally

A 10-year-old girl who was mauled to death by her family's dog had a 'close, loving relationship' with the pet that killed her, police have said.

'Devastated' family pay tribute to 'wonderful' 10-year-old girl mauled to death by pet dog

Trump has been fixated on crowd sizes throughout this election cycle

Trump's latest crowd size brag backfires as camera pans to reveal sea of empty seats