Government borrowed £62BILLION in April the highest on record as it bailed out millions of businesses and workers with coronavirus lockdown wreaking havoc on the economy
The scale of the coronavirus hit on the public finances was laid bare today with figures showing the government borrowed a record £62.1 billion in April.
The eye-watering figure was the highest for any month on record, amid desperate moves to bail out millions of workers and businesses.
It was even higher than analysts had predicted, with a consensus of economists predicting £30.7billion for the month.
The sum is thought to have pushed total public debt over the £2trillion mark for the first time.
The Office for National Statistics (ONS) said borrowing was £51.1 billion higher than the same month last year
The Office for National Statistics (ONS) said borrowing was £51.1 billion higher than the same month last year.
The sum for April was almost the same as the entire financial year from April 2019 to March this year – estimated at £62.7 billion.
The Office of Budget Responsibility has warned that the government could borrow £300billion this year.