The Office for National Statistics (ONS) said public sector net borrowing hit £8.4 billion last month
The UK Government borrowed more than expected in February, with the total reaching £8.4 billion, according to official figures from the Office for National Statistics . This was due to higher benefits payments such as cost-of-living support.
The state received £86.4 billion in taxes in February, an increase of £7.2 billion as people and businesses paid more income tax, VAT and corporation tax. Central government spending was recorded at £89.6 billion, up £2.9 billion against the same month last year. The UK's debt is about 97.1% of what the country makes in a year, says the Office for National Statistics . Jessica Barnaby from the ONS said: "This was the fourth consecutive month in which borrowing was lower than in the same month a year ago, with growth in tax receipts exceeding growth in spending.
Ms Barnaby added: "Relative to the size of our economy, debt remains at levels last seen in the early 1960s."
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