Public Borrowing Hits an Enormous £152 bn

April 22, 2010

The extent of the recession has surfaced after it was announced that the UK’s annual public borrowing has hit £152.8 Billion –The highest number since records began.

The figures were announced by the Office of National Statistics after the UK slumped into another £23.5 billion debt in March.

Public borrowing has risen due to an increase in unemployment, which has hit 2.5 million for the first time since the last few months of 1994. The jobless rate is now at 8%, the highest since 1996.

Britain’s public sector net debt is now at a record 62% of gross domestic product.