Tag: soars

UK borrowing soars in August as Covid costs mount

Image copyright Getty Images The UK government borrowed £35.9bn in August as tackling the economic fallout of pandemic took its toll on the public finances, official figures show. The figure – the difference between spending and tax income – was £30.5bn more than it borrowed in August last year. The increase meant that the borrowing figure hit its highest amount… Read more →

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US budget deficit soars to $3tn record

Image copyright Getty Images The US budget deficit has hit a record high of more than $3tn (£2.3tn), driven by the government’s massive spending on coronavirus relief. The federal government spent more than $6tn in the first 11 months of its financial year, including $2tn on coronavirus programmes, the Treasury Department said. The figure outpaces the $3tn it took in… Read more →

UK borrowing at record high as virus cost soars in April

Image copyright Getty Images Image caption The furlough scheme means the government is paying the wages of more than 6.3 million people The government borrowed £62.1bn in April, the highest monthly figure on record, according to official figures. It underlines the cost of coping with the coronavirus pandemic through jobs schemes and loans, and is double the forecast of many… Read more →