National debt rises to £1.98tn due to continued impact of COVID-19
It has been revealed today that the UK government has borrowed a further £35.5bn to counter the impact of COVID-19 during June.
The latest increase took the total government debt to a record £1.98tn – with signs that it could still significantly increase over the coming months.
Although May’s total was the highest monthly borrowing figure on record, June’s borrowing figure was still the third-highest since records began in 1993.
Chancellor of Exchequer Rishi Sunak said: “It’s clear that coronavirus has had a significant impact on our public finances, but we know without our response things would have been far worse.
“The best approach to ensure our public finances are sustainable in the medium-term is to minimise the economic scarring caused by the pandemic. I am also clear that, over the medium-term, we must, and we will, put our public finances back on a sustainable footing.”