Government borrowing hit £303.1 billion in the year ending March, or 14.5% of gross domestic product (GDP), the highest level since the end of the Second World War, the Office for National Statistics said
Tax receipts are estimated to have been £523.6 billion, £34.2 billion lower than in the previous 12 months with notable falls in taxes on production such as Value Added Tax (VAT), Business Rates and Fuel Duty.
Government government bodies are estimated to have spent £941.7 billion on day-to-day activities (current expenditure) in the year, £203.2 billion more than in the FYE March 2020; this includes £78.2 billion expenditure on Coronavirus job support schemes.
The ONS said that the coronavirus pandemic “has had a substantial impact on the economy and subsequently on public sector borrowing and debt”.
