UK national debt hits record £2.024 trillion

25 September 2020, 07:33

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