Government Spending Highest Since WWII
The cost of measures to support the economy during the coronavirus pandemic has pushed government borrowing to the highest level since the end of World War Two.
Government borrowing - the difference between spending and tax income - hit £303.1bn in the year to March, the Office for National Statistics said.
Compared to the previous year, borrowing is nearly £250bn higher. Borrowing hit £28bn in March alone - a record high for that month.
Measures to support individuals and businesses during the pandemic contributed to a £203.2bn, or 27.5%, increase in central government day-to-day spending in the year to March, the ONS said.
Meanwhile, tax and National Insurance receipts fell by £34.9bn, down 5% compared to the previous 12 months.
The ONS also said public borrowing as a percentage of GDP, or national output rose, to 14.5% - also the highest since the end of the second world war when it reached 15.2% in 1946.
The huge borrowing levels over the past year has now pushed public sector net debt up to £2.142 trillion, which is 97.7% of GDP - a rate not seen since the early 1960s.
- UK economic growth slows sharply in February
- Digital Growth Grant
- CO2 Utilisation Challenge Fund launched
- CARBON TEE-UP SUPPORT FOR PERTHSHIRE GOLF EVENT
- Award winning architect set to reboot the way we work post-pandemic
- New report from Stagecoach sets out pathway to attracting over one million new passengers to the UK's bus networks through the switch to Zero Emission Buses
- Gillespie Macandrew celebrates nine internal promotions
- Budget adds more incentives to encourage growth
- First Minister's Statement to Parliament - 30th March 2022
- Scottish Government Update - 21st March 2022
- Action plan published to identify new markets and opportunities for tech sector
- £4 million investment announced for Scotland’s islands
- Most of Scotland's Covid restrictions end
- Events Industry Support Fund 3 - Event Recovery
- Scheme opens for displaced Ukrainians
- Azets urges SMEs to access RLS and 130% tax relief before June deadline
- The First Minister's Statement to Parliament - 15th March
- UK announces new economic sanctions against Russia
- Coronavirus (COVID-19): Test and Protect - transition plan
- Help to Grow Management at Strathclyde Business School
- 1.8 million adults in Scotland have seen finances worsen during pandemic
- Business leaders back apprenticeships for economic recovery
- Warning UK faces biggest income squeeze in nearly 50 years
- Higher energy bills 'almost inevitable' says Ofgem