The Office for National Statistics said that public sector net borrowing - the Government's debt - reached £303.1billion in the financial year to the end of March. This was 14.5% of gross domestic product (GDP), the highest level since 1946, when the deficit hit 15.2% of GDP. In the post-war era the debt levels peaked in the aftermath of the 2008 financial crisis, hitting around 10% of GDP. The last year's borrowing pushed public sector net debt up to £2,141.7 billion, which is 97.7% of GDP - the biggest proportion since the early 1960s. This is partly because of Chancellor Rishi Sunak's £12.5 billion "super deduction" on corporation tax for some businesses.

Source: Daily Mirror April 23, 2021 06:14 UTC