Public Sector Deficits Balloon as Borrowing Soars

Latest figures from Office for National Statistics, released today, revealed:

• Public sector deficit on current budget of £12.8 billion in August 2009, compared with a surplus of £7.7 billion in August 2008.
• Public sector Net Borrowing, which takes account of capital investment, was £16.1 billion in August 2009, which compares with borrowing of £9.9 billion in August 2008.
• Public sector net debt, expressed as a percentage of gross domestic product (GDP), was 57.5% at the end of August 2009, compared with 44.0% at end of August 2008.
• Public sector net debt was £804.8 billion at the end of August compared with £632.8 billion a year earlier.

Release: Office for National Statistics.

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