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Last month, UK’s budget deficit hit a record high, taking the total borrowing for the fiscal year to date to its highest level ever since comparable records began in 1993.
According to figures published today by the Office for National Statistics, the net borrowing of the public sector was £8.991 billion in February. Total borrowing for the 11 months of this fiscal year surged to a record high of £75.2 billion, which is three times higher than at the same point in the previous fiscal year.
Usually, there is a surplus on the current budget in February as it is an important month for tax receipts. For example, in February in the previous year, there is a surplus of £4.6 billion. However, the plunge in the tax take due to the economic downturn meant there was a deficit of £1.8 billion in the current budget , which was the first February deficit in the current budget since records began in April 1998.
The figures will add to the headache at the Treasury as it prepares for one of the toughest Budgets in decades on April 22.

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