Debt Up, Spending Up, Tax Revenue Down, Unemployment to Double

  • Public sector net borrowing hit £35.9 billion in August 2020, £30.5 billion more than last month and the third highest borrowing in any month since records began.
  • Tax receipts were £37.3 billion in August 2020, £7.5 billion less than last month, with VAT, Corporation Tax and Income Tax receipts falling considerably.
  • The government spent £78.5 billion on current expenditure in August 2020, £19.5 billion more than in August 2019.
  • Borrowing in the first five months of this financial year (April to August 2020) is estimated to have been £173.7 billion, £146.9 billion more than in the same period last year and the highest borrowing in any April to August period since records began.
  • Each of the months from April to August 2020 were also record months for borrowing.
  • Government debt has hit £2.02 trillion or around 101.9% of GDP; it has risen 12% in just a year.
  • Government debt has tripled since George Osborne warned us that Gordon Brown was bankrupting the country.

To add to the misery, economist Liam Halligan is this morning predicting unemployment will more than double by the end of October…

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