Government Borrowing Halves as COVID-19 Costs Fall

Government borrowing in the last financial year more than halved from the amount borrowed a year earlier when the UK saw major COVID-19 restrictions.

Borrowing – the difference between spending and tax income – stood at £151.8bn, less than half the £317.6bn borrowed in 2020-21, figures showed.

The government has had to borrow less since pandemic schemes, such as furlough, have come to an end. It also made more income from taxes which has helped cover the gap.

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