Rishi Sunak has warned of cuts as the UK’s debt reached a record high of more than £2 trillion.
Public sector debt has reached a new record high of £2.08 trillion at the end of October after Government borrowing hit £22.3 billion last month, according to official figures.
The Office for National Statistics (ONS) said borrowing for the first seven months of the financial year is now estimated at £214.9 billion – the highest in any April to October period since records began in 1993.
It means that the UK’s overall debt has reached around 100.8% of gross domestic product (GDP) – a levels not seen since the early 1960s – as the Government has invested billions of pounds in supporting the economy through the pandemic.
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October borrowing, excluding state-owned banks, was also a record and marked a £10.8 billion increase year-on-year.
The Chancellor said spending billions on the pandemic was right thing to do, but warned that action would be needed to rebuild the public finances.
Mr Sunak said: ‘We’ve provided over £200 billions of support to protect the economy, lives and livelihoods from the significant and far-reaching impacts of coronavirus.
‘This is the responsible thing to do, but it’s also clear that over time it’s right we ensure the public finances are put on a sustainable path.’
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