Debts in the UK which has been triggered by covid-19 spread now nears £2 trillion.
According to Evening Standard, still in a bid to deal with the fallout from Covid-19, the UK borrowed another £35.5 billion in June.
While this new development takes place, public debt is exploding across the globe as governments try to support the economy and fill the gap left by declining tax revenues.
From the recent activities surrounding funds for covid-19, government support is starting to wind down as the economy reopens.
A very good scenario is Today’s figure from the Office for National Statistics which was £10 billion lower than the UK borrowed in May.
Meanwhile, concerned experts like, Thomas Pugh at Capital Economics shared his view. He said, “However, government borrowing is still rising at an exceptional rate and we suspect that a slowdown in the recovery and further rise in unemployment later this year will prompt the government to announce additional fiscal spending at the next budget.”
On the side of government, Chancellor Rishi Sunak has been widely praised for his response to the crisis, but some have asked for how long he can look to keep stimulating the economy.
The June figures take borrowing for the fiscal year so far from April to £131 billion.