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Government spending hits £76.5bn as public sector borrowing shrinks
Government spending hit £76.5bn last month, some £3.4bn more than July last year, according to official figures today.
Despite rampant inflation, public sector borrowing shrank by £800m to £4.9bn in the 12-month period, the Office for National Statistics (ONS) found.
However, the figure remains far higher than July 2019, prior to the pandemic.
Net debt in the public sector has swelled to nearly 83 per cent of the UK’s GDP, standing at an eyewatering £2,069.6bn.
Earlier this year, the ONS found that public sector net borrowing hit £151.8bn in the year to March 2022 – the third-highest financial year borrowing since records began in the financial year ending March 1947.