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UK's government borrowing drops for first time since pandemic

UK's government borrowing drops for first time since pandemic

Mubasher: The UK’s government borrowing declined in April for the first time since the beginning of the coronavirus (COVID-19) pandemic, as parts of the economy began to reopen, Reuters reported on Tuesday.

Public sector net borrowing reached GBP 31.7 billion in April, down from GBP 47.3 billion in the same month a year earlier, according to official data.

Monthly borrowing has come below government predictions of GBP 39 billion, thanks to the rapid roll-out of COVID-19 vaccines.

Borrowing in the fiscal year (FY) 2020/2021 recorded GBP 300.3 billion or 14.3% of annual economic output, the highest level since the end of the second world war, as the government has spent heavily over the last year to limit the impact of the pandemic on the economy.

The UK’s debt pile recorded GBP 2.171 trillion or 98.5% of the gross domestic product (GDP), the highest level since 1962, compared to GBP 1.8 trillion before the pandemic.