Government borrowing stood at £20.5 billion in August, down from £26 billion a year earlier

Government borrowing stood at £20.5 billion in August, down from £26 billion a year earlier, according to official figures.

The Office for National Statistics (ONS) said last month’s figure was the second highest August borrowing since records began in 1993.

The data shows borrowing so far this financial year has reached £93.8 billion since the end of March – £88.9 billion less than the same period a year ago.

Public sector net debt (excluding public sector banks, PSND ex) was £2,202.9 billion at the end of August 2021 or around 97.6% of GDP, the highest ratio since the 98.3% recorded in March 1963.