Government borrowing hits record high in February

UK government borrowing hit its highest level in February since records began in 1993, according to figures released on Friday by the Office for National Statistics.

Public sector net borrowing was £19.1bn last month, up £17.6bn compared to February 2020 as the government continues to deal with the economic fallout from the pandemic.

The data showed that public sector net debt rose by £333bn over the 11 months of the financial year to February 2021, taking it to £2.13trn, or around 97.5% of gross domestic product.

Central government bodies spent £79.2bn in February, up £15.9bn from the same month last year. Of this, £72.6bn was spent on day-to-day activities such as providing services and grants and the payment of social benefits.

Chancellor Rishi Sunak said: "Coronavirus has caused one of the largest economic shocks this country has ever faced, which is why we responded with our £352bn package of support to protect lives and livelihoods.

"This was the fiscally responsible thing to do and the best way to support the public finances in the medium term.

"But I have always said that we should look to return the public finances to a more sustainable path once the economy has recovered, and at the Budget I set out how we will begin to do just that, providing families and businesses with certainty."