RTTNews reports that the UK budget deficit widened sharply in July from the last year and debt exceeded GBP 2 trillion for the first time on record, the Office for National Statistics reported Friday.

Public sector net borrowing excluding public sector banks rose by GBP 28.3 billion from last year to GBP 26.7 billion in July. This was the fourth highest borrowing in any month on record.

The ONS said borrowing estimates were subject to greater than usual uncertainty. Borrowing in June was revised down by GBP 6.0 billion to GBP 29.5 billion.

During April to July, borrowing totaled GBP 150.5 billion, which was GBP 128.4 billion more than in the same period last year and the highest borrowing in any April to July period on record.

The estimate indicated that the GBP 150.5 billion borrowing was almost three times the GBP 56.6 billion borrowed in the whole financial year ended March 2020.

Further, data showed that at the end of July, public sector net debt excluding public sector banks exceeded GBP 2 trillion for the first time. Debt at the end of July 2020 was 100.5 percent of gross domestic product.