'Over the medium term, we must, and we will, put our public finances back on a sustainable footing,' says British finance minister Rishi Sunak.
British state borrowing rocketed to a record £127.9 billion in the 3 months to June owing to the huge cost of emergency coronavirus stimulus measures, official data showed Tuesday, July 21.
Total public debt meanwhile leapt to £1.983 trillion at the end of June, or 99.6% of gross domestic product. That was the highest proportion since 1961, according to the ONS. "The best approach to ensure our public finances are sustainable in the medium term is to minimize the economic scarring caused by the pandemic.
In response to the COVID-19 outbreak, the government launched a multibillion-pound series of stimulus measures to protect jobs and the broader economy.
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