Public sector borrowing hits third highest year since 1947
Public sector net borrowing hit £151.8bn in the financial year ending March 2022, the third-highest financial year borrowing since records began in the financial year ending March 1947.
Borrowing excluding public sector banks was 6.4 per cent of gross domestic product (GDP), according to freshly published figures from the Office for National Statistics.
However, borrowing was less than half of the £317.6 bn borrowed in the same period last year.
The public sector current budget deficit excluding public sector banks was £89.5bn or around 3.8 per cent of GDP in the year period.
This represents the sixth-highest financial year current budget deficit since records began in March 1947. However, it makes up around a third of the £245.8bn deficit in the same period last year, when businesses were reliant on Covid support.