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    UK government borrowing falls in June

    Abstract:UK government borrowing falls in June

      Government borrowing fell in June compared with the same month last year, with the economy in recovery mode after lockdown measures eased.

      Borrowing - the difference between spending and tax income - was £22.8bn, official figures show, which was £5.5bn lower than June last year.

      However, the figure was the second-highest for June since records began.

      Borrowing has been hitting record levels, with billions being spent on measures such as furlough payments.

      The huge amount of borrowing over the past year has now pushed government debt up to more than £2.2 trillion, or about 99.7% of GDP - a rate not seen since the early 1960s.

    •   Where does the government borrow billions from?

      The Office for National Statistics (ONS) now estimates that the government borrowed a total of £297.7bn in the financial year to March.

      That was 14.2% of the UK's GDP and the highest level since the end of World War Two.

      The ONS said the cost of measures to support individuals and businesses during the pandemic meant that day-to-day spending by the government rose by £204.3bn to £942.7bn last year.

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      In response to the latest figures, Chancellor Rishi Sunak said he was “proud of the unprecedented package of support we put in place to protect jobs and help thousands of businesses survive the pandemic”.

      He added: “However, it's also right that we ensure debt remains under control in the medium term, and that's why I made some tough choices at the last Budget to put the public finances on a sustainable path.”

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