UK borrowing higher than expected in February
Britain’s government borrowing was higher than expected in February as the gap between spending and tax receipts hit £13.1 billion, while rising inflation caused interest payments to surge by more than half. Public sector net borrowing in February was the second highest borrowing for the month, said the Office for National Statistics, and well above the £8.1bn expected by analysts. “This was £2.4bn less than in February 2021 but still £71.9bn more than in February 2020 before the coronavirus pandemic,” the ONS said. Borrowing for the first 11 months of the 2021/2022 financial year hit £138.4bn ― less than half of the level seen April 2020 to February 2021, when the public finances were hit by the extensive economic support dished out during the pandemic. Chancellor of the Exchequer, Rishi Sunak said the ongoing uncertainty caused by global shocks means it is more important than ever to take a responsible approach to the public finances. “With inflation and interest rates still on...