Office for National Statistics (ONS) reported on Friday that UK’s public sector net borrowing (excluding public sector banks, PSNB) was GP35.9 billion in August, up from a revised GBP14.7 billion in July (originally GBP25.9). Economists had forecast the PSNB to increase to GBP35.1 billion in August. This represented the third-highest borrowing in any month since records began in 1993.

Borrowing in the first five months of this financial year (April to August 2020) amounted to GBP173.7 billion, GBP146.9 billion more than in the corresponding period last year. This was the highest borrowing in any April-to-August-period since records began in 1993.