UK public loans reportedly rose to 35.920 billion pounds ($ 45.8 billion) in August. The loan amount was the second highest record recorded by the UK after the highest reading recorded at the beginning of the financial year due to the economic damage caused by the Covid-19 epidemic.
The revised public loan figure in July recorded a total loan of more than 11 billion pounds. However, borrowing for the first five months of the financial year still recorded an increase to a record total of 173.7 billion pounds, surpassing the annual volume reading at the peak of the financial crisis.
The UK Administration Department predicts that the UK will record as much as 372 billion in the financial year this year. This figure accounts for 18.9% of gross domestic product (GDP) or GDP, the highest ratio seen since World War II.
Public sector net debt in August reached 2,024 trillion pounds or 101.9% of GDP. Highest reading since the financial years 1960-1961.
Britain suffered the biggest economic impact of any G7 group economy due to the outbreak of the Covid-19 outbreak in the second quarter, with economic output falling by as much as 20%. The GBP continued to depreciate against the US dollar with a decline of 0.40% to the reading level of 1.2968 as of 11.30 p.m.
