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Seven days: 28 August 2020

Seven days: 28 August 2020

Public borrowing breaks new record

The UK debt has topped £2 trillion for the first time, as the government ramped up spending to cushion the economic fallout of coronavirus. In July, public debt exceeded the value of goods and services produced in the UK for the first time since 1961. Borrowing between April to July is estimated to have been £128.4bn more than in the same period last year, making it the highest level of borrowing seen in the period since records began at the Office for National Statistics.

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