UK borrows record £19bn in Feb; debt tops £2.1 trillion

The Office for National Statistics (ONS) said on Friday the UK Government’s borrowing is estimated to have been £19.1 billion in February 2021, £17.6 billion more than in February 2020, and the highest February borrowing since monthly records began in 1993.

The ONS said the UK’s public sector net debt rose by £333 billion over the 11 months of the financial year-to-February 2021, taking it to £2.13 trillion or around 97.5% of gross domestic product (GDP) — maintaining a level not seen since the early 1960s.

UK central government tax receipts are estimated to have been £46.2 billion in February 2021, £1.5 billion lower than in February 2020, with notable falls in taxes on production such as Value Added Tax (VAT), Business Rates and Fuel Duty.

Central government bodies are estimated to have spent £72.6 billion on day-to-day activities in February 2021, £14.2 billion more than in February 2020, including £3.9 billion on coronavirus job support schemes.

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.