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UK national debt hits record £2.024 trillion as government goes on coronavirus spending spree

Mark Shapland
·1-min read
PA
PA

The UK’s national debt hit a record £2.024 trillion at the end of August, £249.5 billion more than the same time last year.

To put the figures in some perspective, the debt level works out a roughly £30,000 per person living in the UK.

It pushed borrowing up to 101.9% of gross domestic product (GDP) after the public sector borrowed around £35.9 billion in August, according to new data from the Office for National Statistics.

National debt passed £2 trillion for the first time in history in July as the Government throws billions at offsetting the economic chaos caused by the Covid-19 crisis.

The debt surge reflects a huge increase in government spending, ranging from its massive furlough scheme and tax cuts to discounts for restaurant diners.